The Chinese regulatory authorities "multi -priced" are in the real estate industry that is deeply trapped in dilemma.The credit bond market is expected to rebound significantly from the bottom of the extreme pessimistic, and the US dollar bonds of Country Garden, one of China's largest real estate developers, has increased amazing in the past month.
According to the index of the field of high -yielded US dollar bonds in Bloomberg, as of last Friday (December 2), the offshore bonds of Country Garden have created a 404%return in the past month, far exceeding the indexThe average monthly return of 26%; the Ocean Group followed closely, with a return of 275%.A 2024 US dollar debt in Country Garden has purchased about 11 cents at a face value of about 11 cents per $ 1 in early November, and rebounded to about 69 cents on Monday (December 5).
Bloomberg quoted Loomis Sayles senior analyst Feng Zhiwei (transliteration) said: "Country Garden appears on the rescue list of all regulators, from project loans to bond issuance. Its US dollar bonds are also the most liquidity in the market.One of the best, so it also reflects the market views of different investors. "
The relaxation of the signal of the Chinese epidemic prevention policy has also stimulated the continued rise of Chinese housing companies' stock debt on Monday.Among them, Country Garden's US dollar bonds and stocks have led the rise in early trading.Earlier, China's firm zero -zero policy plunged the economy, and at the same time triggered rare protests in China.
The reaction of the stock market is also quite fierce.In the past month, Country Garden Hong Kong stocks have performed among the BI Chinese Real Estate Index with a increase of about 140%, and the BI Real Estate Index has risen more than 51%at the same time.Country Garden set a record low at the end of October, and so far, the rebound has reached about 200%.
Since November, China's financial regulatory authorities have launched 16 new policies for real estate financing.Real estate enterprises have continued to advance the issuance of bonds, and China debt credit enhanced companies issued a letter of credit for credit issuance to some housing companies.State -owned banks such as ICBC and other state -owned banks continued to release warmth to housing companies, and promised to provide hundreds of billions of yuan in credit.The China Securities Regulatory Commission has ended a long -term ban on equity financing of housing enterprises.
Meng Ting (transliteration), senior credit analyst of Australia and New Bank, predicts that the bonds of high -quality developers will continue to rebound with the support of government and commercial banks in the first half of next year, but investors still need to act with cautionPay close attention to the sales of new houses in the second half of next year.
