Longfor reopens high-yield dim sum market

The Chinese developer issued the first high-yield dim sum bond in three months, braving widespread fears of a slowdown in residential property sales across the sector.

Longfor Properties’ Rmb2 billion $328 million debut dim sum bonds are set to reopen the high-yield dim sum market and bring hope of fresh fundraising opportunities to Chinese developers. 

The notes are the first high-yield dim sum bonds in three months, as China’s property industry has been under pressure and there has also been a correction in the high-yield bond market around Lunar New Year.

“We might see more Chinese properties coming back to the CNH market because there is a renewed sense of confidence after the Longfor deal,” said a DCM banker.

Chongqing-based Longfor...

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