Foreign investors by and large remain bearish towards Chinese high-yield property company bonds, despite a recent pickup in activity in the sector, a leading industry conference heard on Thursday.
At FinanceAsia's 5th Borrowers and Investors conference in Singapore, speakers drew attention to the double whammy of rising debt and falling profits that is hitting some of the country’s property developers and dragging on credit quality.
“Like the companies in overcapacity industries, many of the Chinese property developers face compressing gross profit margins and growing leverage, which is not good for the outlook of the high-yield bonds,” Clement Chong, senior credit analyst at...
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