A tale of two property bond issues

Longfor Properties and Kerry Properties both tapped the dollar bond market at the end of last week, but they experienced contrasting fortunes.

A tale of two property bond issues
Longfor chairwoman Wu Yajun ranked eighth among the richest people in China by Forbes in October 2010.

The end of last week saw continued bond issuance from Asian property companies. But the two transactions, one high-yield and one investment grade, were a contrast in demand and performance.

Longfor Properties

First, the winner. Longfor Properties, a leading mainland Chinese firm, raised $750 million in a heavily subscribed five-year deal on Thursday.

The Regulation-S144a issue pays a 9.5% semi-annual coupon and was re-offered to investors at...

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