Fatigue has finally taken hold in the Chinese property sector, judging by the reception that recent bond deals have received from investors.
On Tuesday night, Longfor Properties tapped the market with a $500 million 10-year non-call deal, after attracting a book of $1.75 billion. The bonds were initially marketed at the 7% area, which was revised to 6.625% to 6.875%, with the bonds pricing at the mid-point at 6.75%.
Longfor is one of the better-regarded high-yield developers, but it is also the 13th Chinese property company to tap the bond market this year, and some fatigue has obviously set in. At this point, investors have turned more...
¬ Haymarket Media Limited. All rights reserved.
