Shimao is the first Chinese developer to launch a high-yield debt offering in 2015, overcoming jitters that have plagued the sector since Kaisa’s woes.
The Hong Kong-listed real estate company is the latest mainland developer to tap offshore bond markets as Chinese banks become more selective in extending credit, especially to high-yield names.
Shimao Property last night priced a challenging $350 million seven-year non-call-four at a yield of 11% amid growing investor concern over looming new supply.