www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Business

Property rules hit offshore bonds

By Bloomberg | China Daily | Updated: 2017-02-06 14:54

Onshore note issues decline 94 percent in January year-on-year on speculation

Steps to cool China's property market are stoking speculation the good times are about to end for developers' bonds offshore.

The hangover would be big. Yield-starved fund managers around the world have piled into the $65 billion market for dollar-denominated notes sold by Chinese builders. Yield premiums for lower-rated US-currency securities from China, the majority of which are from real estate borrowers, dropped to the lowest level since 2007 this month, according to a Bank of America Merrill Lynch index. That leaves plenty of scope for pain among the holders of those bonds and the developers who need to raise financing.

"We are not optimistic about prices and sales in the property market," said Xu Cheng, who will be fund manager for Franklin Templeton Sealand Fund Management Co's new overseas bond fund, which finished raising money on Jan 19. The Shanghai-based joint venture of the San Mateo, California-based group oversees 20.1 billion yuan ($2.9 billion) of assets. "We estimate there will be a correction in Chinese developers' dollar bonds. The near-record low yield premium isn't big enough to cover credit risks."

Regulators concerned about a bubble have succeeded in taking some of the froth out of housing prices. China Bond Rating Co Ltd estimated property sales volume may suffer a "substantial decline" this year as local governments step up buying restrictions and down-payment requirements. A government report showed home prices fell in Beijing, Shanghai and Shenzhen in December and increased in the fewest Chinese cities since January 2015.

The nation's onshore real estate securities may be the riskiest part of the local yuan-denominated debt market in 2017, according to the largest number of respondents in a survey of domestic analysts and traders conducted Dec 22 to Dec 26.

Some investors believe the government won't permit a slump in real estate.

"The property industry has been and is still one of the pillars of the Chinese economy," said Wu Xiangjun, an overseas bond fund manager in Shanghai at Guotai Asset Management Co Ltd, which oversees 77.7 billion yuan of assets.

The government probably won't loosen controls on property bond financing in the first half, according to Christopher Yip, an analyst at S& P Global Ratings in Hong Kong.

Onshore note offerings by the sector shrank to 2.3 billion yuan in January, down 94 percent year-on-year. GF Fund Management Co Ltd, which oversees 304.9 billion yuan of assets, said curbs on property financing may increase cash-flow pressures.

"Property bond yield premiums may widen," said Li Yaozhu, a Guangzhou-based overseas bond fund manager at the firm. "Smaller developers may have liquidity problems and those with bad credit profiles may even go bankrupt."

Property rules hit offshore bonds

Prospective home buyers check out new property prices at a sales event in Hangzhou, Zhejiang province, East China, on Dec 17, 2016. Long Wei / For China Daily

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 午夜啪啪福利视频 | 日韩欧美亚洲视频 | 国产精品尹人在线观看免费 | 国产精品爱久久久久久久三级 | 一国产一级淫片a免费播放口 | 毛片网站视频 | 成人欧美网站 | 91刘亦菲精品福利在线 | 久久成人网18网站 | 久久精品国产免费观看99 | 久久99热久久精品91 | 免费乱人伦 | 黄色国产在线观看 | 国产精品男人的天堂 | 日本成a人片在线观看网址 日本成年人视频网站 | 日韩a一级欧美一级 | 草草草在线观看 | 亚洲三级网址 | 欧美a一片xxxx片 | 丰满寡妇一级毛片 | 91精品国产综合久久欧美 | 欧美色综合高清视频在线 | 成人a免费α片在线视频网站 | 欧美日韩精品免费一区二区三区 | 欧美日韩视频在线第一区二区三区 | 欧产日产国产精品精品 | 综合色久 | 国产自产自拍 | 成人免费一区二区三区视频软件 | 最近中文在线中文 | 日本三级香港三级人妇 m | 亚洲三级视频在线观看 | 日本久久久久一级毛片 | 国产精品福利社 | 国产成人麻豆精品 | 国产精品午夜性视频网站 | 日本www高清免费视频观看 | 亚洲 欧美 丝袜 | 99re免费99re在线视频手机版 | 久久99国产亚洲高清观看首页 | 亚洲国产天堂久久综合网站 |