Chinese property developers' bond sales picked up dramatically, with much higher borrowing costs, since the the start of the fourth quarter as they rush to raise funds to repay maturing debts.
Country Garden, one of China's leading real estate developers, announced last Wednesday that its wholly-owned subsidiary Zhuojian International Co., Ltd. would issue convertible bonds, proceeds of which would be used to repurchase HK$7.83 billion of convertible bonds maturing in January 2019.
Country Garden is not alone in rushing to raise funds by selling bonds in order to repay an increasing amount of debts coming due.
To continue reading, please subscribe.
We highly value independence. Yuan Talks is solely funded by subscriptions from thousands of intelligent readers like you.
What you'll get:
- Systematic, timely and data-driven reporting on China's economy and financial markets with details, data and perspectives you don't read elsewhere!
- Daily Brief newsletter delivered before market open every weekday wrapping up the most important China-related stories.
- Weekly Market Wrap-up on A shares, Chinese bonds, the Yuan and commodities!
- Interviews with China experts. We find you insights you should never miss!
- Conference calls and events. Nothing is better than talking to newsmakers, experts and reporters directly, right?
Already have an account? Sign In