KWG Property pulls perp, Cheung Kong goes ahead

But who bought the Cheung Kong perpetual?
<div style="text-align: left;">
KWG Property's W Hotel project in Gaungzhou
</div>
<div style="text-align: left;"> KWG Property's W Hotel project in Gaungzhou </div>

Asian perpetual bonds hit resistance from investors this week amid a softening market. Chinese property company KWG Property last night pulled its US dollar perpetual, according to two sources.

The company had started marketing the perpetual bond, which is callable after five-and-a-half years, with an initial guidance of 10.25% on Tuesday. At the end of that day, investors were told that books were covered. It was expected to price on Wednesday, but sentiment towards perpetuals from Chinese property companies had soured by then.

This was in part due to the poor secondary performance seen by Agile Property’s bonds. The company late last week sold a $700 million...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222