Chinese developers descend on dim sum market

Four Chinese developers rush to the dim sum market this week as investors chase the renminbi in hopes of currency appreciation.

Cash-starved Chinese property developers that were active in the US dollar market at the start of the year have now turned to the dim sum market amid improved prospects for renminbi appreciation. For these borrowers, the dim sum market offers attractive funding levels and also helps them avoid a currency mis-match.

This week, four developers Lai Fung Holdings, Golden Wheel Tiandi, Kaisa and Future Land Development tapped dim sum investors for funds. Mainland property developers...

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