Chinese developers are looking for alternative sources of financing as onshore credit dwindles, leading to a proliferation of offshore bonds.
Real estate companies accounted for more than 70% of dollar-denominated transactions out of China in the first two months of the year, according to Dealogic, as developers sought to lock in still relatively low interest rates, extend debt maturities and raise funds for land payments.
Volumes hit $5.6 billion with 13 deals for the first two months of 2014, which is not too far from 2013’s record breaking numbers of close to $7 billion in total volume with 18 deals during the same period.
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