One of Poly's developments in Qingdao, described as an aristocratic seaside manor
Poly Real Estate, China’s second-biggest developer, has tested the waters with a $500 million debut bond, but investors’ reception to the deal proved that they remained cautious, particularly towards paper out of China. The deal attracted a muted order book of $1.5 billion.
“I think investors are rightly being very selective at present,” said one banker away from the deal. “They wanted to be compensated for the keepwell deed and macro concerns.”