China’s biggest residential property developer China Vanke is planning a debut US dollar bond, offering investors the chance to buy a rare high-grade bond out of the China property sector.
The company kicks off investor meetings in Hong Kong, Singapore and London today. Bank of China Hong Kong, Deutsche Bank, DBS, HSBC, J.P. Morgan and UBS are arranging the meetings. According to one source, Vanke is looking at a longer tenor, possibly in the range of seven to 10 years.
The timing of the deal is interesting as it comes just days after China’s State Council issued six measures to keep housing prices...