【英语中国】中国房地产开发商推迟债券发售 Chinese developer delays bond sale

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2014-5-15 06:40

小艾摘要: Chinese property developer Country Garden has postponed the launch of a US dollar bond, the latest sign of growing concern about the health of one of China’s most important sectors.The Hong Kong-list ...
Chinese developer delays bond sale
Chinese property developer Country Garden has postponed the launch of a US dollar bond, the latest sign of growing concern about the health of one of China’s most important sectors.

The Hong Kong-listed company met investors during the past two weeks to gauge appetite for a deal, after announcing its plans to raise fresh debt in a filing to the stock exchange last month. But management has chosen not to press ahead with a deal at this time, say people familiar with the matter.

The Chinese property sector has come under more and more scrutiny from investors and economists in recent days as data point to a sharp deterioration in the housing market.

During the first four months of this year construction starts fell by almost a third when compared with a year earlier, figures released on Tuesday showed. Developers have been slashing prices in some cities to attract buyers.

The turnround follows years of rapid construction, which some fear have left China with a large overhang of surplus apartments in many areas. Zhang Zhiwei, an economist at Nomura, has highlighted this as the top risk to the world’s second-largest economy this year.

As the single biggest contributor to Chinese growth, housing is also a key source of demand for commodities worldwide.

Country Garden’s decision not to test the market follows a sell-off in Chinese property bonds, particularly those of longer duration.

Yuexiu’s bond due in 2023 trades at 89 cents to the dollar, while Evergrande’s debt maturing in 2018 has dropped to 88 cents.

Bonds sold recently by Times Property and Cinda– a distressed debt manager with heavy exposure to property – have traded lower in the secondary -market.

The performance of Chinese property bonds stands in contrast to the rest of the Asian credit market. April was a record month for debt sales, putting the region well on track for its best year ever.

Chinese developers have been highly active in the bond markets during the past two years, helping to drive soaring levels of issuance in Asia. Since 2010, mainland property companies have borrowed almost $50bn from international bond investors.

Many developers have also suffered in the equity market this year. Country Garden and Fantasia are both down a third, Agile is down 28 per cent and Hopson is off over 20 per cent.

But stocks have rallied this week on reports that China’s central bank has asked commercial banks to speed up mortgage approvals to help support the market.

Country Garden had been planning to use funds from a deal to refinance existing debt. Its last dollar bond was sold in September 2013, when it borrowed $750m over eight years paying a coupon of 7.25 per cent.

中国房地产开发商碧桂园(Country Garden)推迟发行一只美元计价债券,再次表明中国最重要行业之一的健康状况引发的担忧与日俱增。

在香港上市的该公司上月向交易所提交文件,宣布计划发行新债,并在过去两周与投资者见面,以评估投资者的兴趣。但知情人士表示,管理层已选择暂时不推进发债计划。

近日随着数据显示住房市场明显恶化,中国房地产行业受到投资者和经济学家越来越多的关注。

周二发布的数据显示,今年头4个月新开工项目数量同比下降近三分之一。在一些城市,开发商主动降价以吸引买家。

形势转变之前,中国经历了多年高速建设,有人担心这导致中国许多地区的闲置住房大量积压。野村证券(Nomura)经济学家张智威将此列为全球第二大经济体今年的头号风险。

作为中国经济增长的第一大来源,中国房地产行业也是全球大宗商品的重要需求来源。

在碧桂园决定不试水市场之前,中国房地产债券遭遇抛售,尤其是期限较长的债券。

越秀(Yuexiu) 2023年到期的债券交易价格为面值的89%,而恒大(Evergrande) 2018年到期的债券价格已跌至面值的88%。

时代地产集团(Times Property)和信达(Cinda)最近发售的债券在二级市场走低。信达是一家在房地产领域有巨大风险敞口的困境债务管理公司。

中国房地产债券的表现与亚洲信贷市场整体形成对比。今年4月亚洲债券销售创出历史最高纪录,这让该地区很有可能迎来有史以来表现最好的一年。

在过去两年里,中国房地产开发商一直在债券市场极为活跃,帮助推动亚洲债券发行规模大幅飙升。自2010年以来,中国内地房地产公司向国际债券投资者发行了近500亿美元的债券。

今年许多房地产开发商的股价也大幅下跌。碧桂园和花样年控股(Fantasia)的股价均下跌三分之一,雅居乐(Agile)下跌28%,合生创展(Hopson Development)下跌逾20%。

但本周有报道称,中国央行要求商业银行加快抵押贷款审批以帮助支持房地产市场,房地产类股票应声上涨。

碧桂园此前计划利用发债所得对现有债务进行再融资。它上次销售美元债券是在2013年9月,当时它发行了票面利率7.25%的8年期美元债券,融资7.5亿美元。

译者/何黎

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