International bond investors are giving Chinese property companies the cold shoulder, forcing them to look elsewhere for funding as concerns mount over corporate governance and cash flow in the sector.
Mainland developers have become a core part of the Asian junk bond market, raising $19.5bn in 2013 and $21.4bn last year, according to Dealogic.
A quarter of that borrowing came in January in both years. Chinese real estate companies raised $5.3bn in dollar bond markets during the first three weeks of 2013 and $4.9bn over the same period in 2014.
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