In the sober world of debt investing, few products are racier than perpetual bonds. With no maturity date, they allow the issuing company to pay the money back any time it wants.
And now, few sectors come with more danger signs than Chinese property, as Beijing clamps down on the market to curb soaring house prices.
So many bond investors were stunned last week when Sino-Ocean Land, a Chinese property developer with no credit rating, raised $400m from a dollar-denominated perpetual bond at a coupon of 10.25 per cent.
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