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S’pore condos for mainland rich funded by bonds. What are you serving NS for?
An honorable member of the Coffee Shop Has Just Posted the Following:
S’pore condos for mainland rich funded by bonds November 8th, 2013 | Author: Online Press A worker enters a construction site in the Fun City apartment complex, developed by China Vanke Co., in the Fangshan district of Beijing. Vanke has teamed up with Keppel Land Ltd. for the development of 726 flats in east Singapore. (6 Nov) – Faced with curbs on luxury residences and fundraising at home, China’s biggest mainland-listed property developer is building apartments for wealthy Chinese in Singapore and raising debt in the city’s currency. China Vanke Co., which also plans developments in San Francisco and Hong Kong, sold S$140 million ($113 million) of four-year notes with a 3.275 percent coupon on Oct. 31, according to data compiled by Bloomberg. That’s a premium on the average 1.8 percent coupon for Chinese bonds in the currency. The yield on the company’s five-year U.S. dollar bonds fell 54 basis points since June, to 4.14 percent on Nov. 5, data compiled by Bloomberg show. Vanke has teamed up with Keppel Land Ltd. for the development of 726 flats in east Singapore as foreign Chinese buyers have emerged as the top overseas buyers of residential property in the city-state this year. Mainland builders are accelerating projects abroad as people from the world’s most-populous country seek access to education, healthcare and citizenship abroad, said London-based broker Savills Plc. “Chinese developers have been looking offshore for funding for many years now but there’s more impetus to do it now after the government turned the credit taps off,” said James Macdonald, Shanghai-based head of research at Savills China. “Being able to turn to overseas bond markets is important to Chinese developers as these markets are not tied to government policy and prices are dictated by the market.” Read more: http://www.bloomberg.com/news/2013-1...na-credit.html Click here to view the whole thread at www.sammyboy.com. |
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