developers

The government’s new measures targeting the housing industry have had a big effect on divorce rates, but will not impact large players such as China Vanke.

Beijing wants to stimulate the economy without inflating house prices.

The Chinese property developer mandated HSBC and Morgan Stanley to test the market on a best effort basis, but the discount on offer proved far too tight and the company eventually chose not to go ahead with the deal.

The S$500 million five-year deal comes with a 33% conversion premium and a yield just above 2% after being reoffered at 99.

Coming just days after Hang Lung Properties completed a $1.42 billion share placement, the upsized transaction confirms the strong demand for Hong Kong property stocks.

A rare issuer in the equity markets, Hang Lung Properties takes advantage of a record high share price to raise capital for its further expansion in China.

Fatigue for property stocks appears to spread as Sunac offers its shares at less than five times next year's earnings at the bottom of the range, and Kaisa's IPO is only about three times covered.