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Bond Market News
Chinese Developers’ Bonds Rally on Hopes of New Property Support Package
June 5, 2023
Dollar bonds of Chinese developers like Dalian Wanda, Road King, COGARD and Longfor have rallied over the past week. This comes as China is said to be working on a new basket of measures to support the property market, as per sources. They note that regulators are considering reducing the down payment in some non-core neighborhoods of major cities besides lowering agent commissions, thereby relaxing restrictions for residential purchases under the guidance of the State Council. Moreover, the government may also further refine and extend some of the policies it had passed as part of its 16-point rescue package late last year.
Wanda’s and Road King’s dollar bonds have rallied over 20% while Longfor and COGARD’s bonds have risen over 12%
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