While other sectors have remained relatively quiet, China’s property sector has been on a bond issuance roll.
Even though they have an additional six months to use up their bond quota, at least eight Chinese property developers have tapped the bond market this year. This has pushed the sector’s offshore bond issuance to the highest year-to-date volume on record.
The total value of Chinese property bonds issued offshore has more than doubled to $22.8 billion, while the number of offshore bonds issued by Chinese real estate firms has almost doubled to 54 deals.
That accounts for almost two-thirds of total issuance, a significantly...