New World China bucks trend, turns to dim sums

The China property flagship of New World Development raises Rmb3 billion and lowers its coupon.
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New World Hotel Wuhan
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<div style="text-align: left;"> New World Hotel Wuhan </div>

Chinese property developers have hit the dollar bond market in a serious way this year with no fewer than 17 developers raising $6.1 billion in January. But New World China Land late Wednesday night bucked the trend and turned to the dim sum market to close a Rmb3 billion $482 million bond.

New World China closed its deal at a time when investors in the US dollar space are weary of the glut of Chinese property deals and are showing signs of indigestion after recent bonds have traded underwater.

The company had first tapped the dim sum market with its debut Rmb2.8 billion three-year bond back...

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