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Property developers rush for high-yield bond offerings in HK
Several Hong Kong-listed property developers recently announced their bond financing plans for land banking, and the highest yield stood as high as 13.5 percent.Developers that chose to issue bonds at the beginning of 2011 included Hopson Development Holdings,[link widoczny dla zalogowanych], Ltd. (HKG:0754),[link widoczny dla zalogowanych], China South City Holdings, Ltd. (HKG:1668),[link widoczny dla zalogowanych], China SCE Property Holdings (HKG:1966) and Evergrande Real Estate Group, Ltd. (HKG:3333),[link widoczny dla zalogowanych], which finished two bond issuances and raised 1.35 billion U.S. dollars in 2010.Last year, 18 Chinese real estate developers raised a total of 76.5 billion Hong Kong dollars from the capital market,[link widoczny dla zalogowanych], which is more than double 2009 figures.
'A good time for financing'
Monday,[link widoczny dla zalogowanych], Evergrande said it plans to issue yuan bonds settled in U.S. dollars to repay onshore bank loans and finance its property projects.Hui Ka Yan,[link widoczny dla zalogowanych], Evergrande's Executive Chairman of the Board, expects that the central government will strengthen regulatory measures toward the property market. He noted that market expectations for yuan appreciation and an active attitude to this kind of bonds make a good time for financing.Hui said that the coupon rate for this year's bond issuance was lower than last year's.Evergrande realized 50.4 billion yuan of contract sales in 2010,[link widoczny dla zalogowanych], showing a year-on-year growth of 66.4 percent. The company's 2011 sales target was set at 70 billion yuan.
On Jan. 7,[link widoczny dla zalogowanych], China South City tapped the U.S. dollar bond market with a 250 million U.S. dollars five-year non-call-three issue,[link widoczny dla zalogowanych], and the coupon rate was set to 13.5 percent. More than 90 institutional investors participated in the company's financing plan, most of which are from Asia.On the same day,[link widoczny dla zalogowanych], Fujian-headquartered residential developer China SCE Property priced a five-year 2-billion-yuan (301 million U.S. dollars) bond in a synthetic format,[link widoczny dla zalogowanych], which means it is denominated in yuan but settled in U.S. dollars. With a yield of 10.5 percent, China's SCE's bonds were eight times oversubscribed.
Downgrade risks
New York-based ratings firm Moody's Corp. on Jan. 10 downgraded Evergrande's bond rating to B2 with a negative outlook."The negative outlook reflects that Evergrande's operation and financing risks will rise in the coming 12 to 18 months,[link widoczny dla zalogowanych]," said Moody's assistant vice president Kaven Tsang,[link widoczny dla zalogowanych], adding that the company seeks rapid expansion,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], but Moody's expects a tougher property market and lending environment in 2011.
Chinese developer Hopson Development Holdings announced on Jan. 10 its plans to issue U.S. dollar-denominated notes and a three-day road show starting Jan. 11. The proceeds are marked for replenishing working capital and general corporate purposes.Standard and Poor's assigned a B rating to the proposed issuance due to the company's aggressive expansion and lower-than-expected sales, which reflected a low executive ability.
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