Xinyuan Real Estate joins dollar bond rush

Risk-on appetite helps the US-listed Chinese property developer to price a new $300 million bond, after drawing more than $3.2 billion of orders.

US-listed Xinyuan Real Estate met with strong investor demand on Tuesday as it became the latest mainland Chinese property developer to tap dollar bond markets, raising $300 million from a four-year bond to refinance some of its more expensive outstanding debt.

The Reg S deal was more than 10-times oversubscribed, with an order book of $3.2 billion, a banker running the deal said, providing further proof of the Asian market's current upbeat tone.

Xinyuan, headquartered in the city of Zhengzhou, the capital of east-central Henan province, completed its $245 million initial public offering in 2007 and is the first real estate developer from China to be...

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