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Chinese developers rush to issue bonds to repay maturing debts

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.

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