Fatigue may have finally taken hold in the Chinese property sector, judging by investors’ reception towards China Properties Group’s dollar transaction that failed to price overnight.
China Properties launched a three-year high-yield dollar bond on Wednesday morning, hoping to entice investors with a 12.75% area offering. Come Thursday, the Reg-S deal still has not priced a possible indication that investors are reacting cautiously towards an overcrowded sector.
“There has been a reasonable amount of property supply and it’s probably the fact that there’s not an endless amount of demand right now, especially for the single B end of the spectrum,” said a Hong Kong-based investor to Finance...
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