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Banking, Capital Markets, China, Real Estate - Thursday, July 1, 2010 20:50 - 0 Comments
Where Chinese property developers go for cash
IFR Asia Greater China report, July 2010
For years Chinese property developers have had it easy. When China sought to spend its way through the financial crisis, developers benefited from the abundance of bank liquidity. More recently, they have benefited too from the vibrancy of the high yield bond markets and their thirst for China exposure. But are these markets drying up?
A host of Chinese developers have found success in the high yield bond markets this year. For example, in April 2010 two developers launched in considerable size in the same week: Yanlord Land, rated Ba2/BB, raised US$300 million in a deal through HSBC, RBS and Standard Chartered, and Agile Property, rated Ba3/BB, raised US$650 million through Stanchart, Bank of America Merrill Lynch, Deutsche and Morgan Stanley. Other PRC property developers to have raised funds have included Kaisa, Renhe Commercial Holdings and (on the equity side) Shimao Property.
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