Chinese developers refill war chests

Greentown China, China South City and CIFI collectively raised $1.1 billion on Monday, boosting working capital capabilities amid a buoyant onshore housing market.

Chinese developers refill war chests

Asia’s high-yield market has been inundated by Chinese property developers in the first two weeks of 2014, and Greentown China, China South City and CIFI joined the gang on Monday.

Collectively, the three Chinese real estate companies sold $1.1 billion worth of dollar paper on Monday in an effort to replenish their land banks, supported by improving onshore housing conditions, as well as for refinancing purposes.

“Demand in tier-one and some tier-two...

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