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Bond Market News
Longfor’s Dollar Bonds Rally
April 29, 2024
Longfor Properties said that it has set aside sufficient funds to repay an RMB 1.5bn ($208mn) note maturing in May. Longfor added that it plans to raise more funds via domestic bank loans and state-backed bonds this year. The company said that it also has early repayment plans regarding some of its 2025s. Separately, it was noted there are some rumors that home purchase restrictions will be lifted in some areas of Shenzhen after May 1. Mainland Chinese property stocks rallied, including Longfor, that rose over 8%. Longfor’s dollar bonds were among the top gainers during the week gone by, up by over 5-6%.
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