Media coverage of China’s property sector last year was almost unremittingly gloomy. High debts, unsold apartments in “ghost cities”, a high-profile default and heightened currency risks all plagued the sector. And yet, the best performing high-yield bonds in Asia in 2015 by far were Chinese offshore property issues.
The story behind this anomaly sheds light on how Beijing is seeking to reduce financial risks among Chinese property companies. It also foreshadows a bleak outlook for the supply of high-yield bond issues in the Asia-Pacific region this year.
Chinese property groups’ high-yield bonds returned an average of 20.2 per cent last year, up from 4.5 per cent in 2014, according to research from SC Lowy, a fixed-income boutique.
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