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Bond Market News
Shimao to Exit 34 Projects; Pudong Bank Prices Yuan Bond Partly for Property M&A Loans
January 25, 2022
Chinese developer Shimao Group is moving to offload 34 projects across 17 cities that include, Beijing and Shanghai, as per Caixin Global. Shimao is asking for RMB 42.2bn ($6.7bn) for 15 of those projects while the remaining 19 are either JVs or projects in initial investment stages where Shimao has invested ~ RMB 32.5bn ($5.1bn). The assets for sale include include residential, office, commercial and hotel projects. Separately, Shimao is also in discussion with state-owned developer China Overseas Land & Investment (CHIOLI) to sell its stake in Guangzhou Asian Games City project. Shimao’s dollar bonds were trading stable at around 43-50 cents on the dollar.
Separately, Shanghai Pudong Development Bank priced a RMB 30bn ($4.7bn) 3Y bond at a yield of 2.69%, with part of proceeds to be used for funding M&A in the property industry.
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