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Bond Market News
Dollar Bonds of NWD, Shui On Drop Sharply
November 18, 2024
Dollar bonds of Hong Kong property developers like NWD and Shui On fell by over 2 points across their curves. While there was no specific credit news available, some traders note that it was likely on the back of fast money selling flows. For the Chinese property sector, the slump in housing sales and prices continued. However, the declines have narrowed after the government introduced supportive policy measures in September. Residential property sales have fallen 22%YoY YTD. While the drop in new-home and used-home prices slowed, both have fallen for 18 consecutive months.
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