shimao-places-upsized-600-million-highyield-bond

Shimao places upsized $600 million high-yield bond

Shimao Property attracts strong demand despite a flurry of Chinese real estate bond offerings in recent months.
Asia debt teams are busy closing deals at an extraordinary rate thanks to strong demand from investors and the rapid approach of bonus season. Goldman Sachs and Morgan Stanley hauled themselves up the league tables on Monday night with an upsized $600 million high-yield offering for Hong Kong-listed Shimao Property Holdings. On the same night, Morgan Stanley also closed a $100 million offering for China Orienwise.

Shimao is the fifth Chinese property developer to tap the bond markets recently û Greentown China Holdings, Agile Property Holdings, Shanghai Real Estate SRE and China Overseas Land and Investment all have comparable deals in the market. But the quality of ShimaoÆs land bank sets it apart from the...
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