Goldman Sachs Asset Management Company claims that the speculative Chinese real estate US dollar bonds are expected to provide good returns, because under the various measures of the Chinese government to regain the property market, the business of real estate companies may improve.
According to Bloomberg reported on April 11, Salman Niaz, the fixed income director of Asia, said in an interview that the company's fundamentals will improve with the improvement of business prospects and business environment.It seems that whether it is not yet breaking the contract or some private real estate companies that have defaulting to the contract, there are opportunities to provide high returns. "
Niaz pointed out that it must be" strictly screened "when selecting housing companies, because it is not notThe situation of all housing companies is exactly the same.In general, the risk premium of state -owned real estate bonds is limited, "because they have not encountered similar credit pressure."
Bloomberg reports that since the second half of last year, the Chinese government has launched a number of measuresTo broaden the financing channels of real estate companies and boost market confidence and demand, the property market has gradually shown signs of recovery in the past two months.Preliminary data show that real estate sales have increased for the second month in March, and the sales amount of new houses in the first 100 largest real estate companies increased by nearly 30 % year -on -year.
After Chinese real estate developers set the highest -recorded offshore bond default in 2022, the debt reorganization of real estate companies this year has also made positive progress. For examplesupporting agreement.However, a long list of Chinese real estate developers with a series of delayed publications still make the real estate industry dilemma.
In this regard, Niaz believes that there may be some defaults, but "most pain has become a past."He predicts that companies that can bring better returns to credit market investors are usually relatively large, and have diversified, business layouts in high -quality cities and strong management.
