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08

China Housing Frenzy Makes Property Bonds Fund Manager Darlings

By Tony Seruga

Returns of 2% in 2016 third best on Merrill yuan bond index
First State Cinda likes real estate bonds on official support

The home-buying frenzy in Shanghai and Shenzhen is spurring China’s fund managers to load up on property bonds.

Yuan-denominated real estate notes returned 2 percent this year, third only to electric and oil service companies among Chinese corporate securities, according to Bloomberg analysis of a Bank of America Merrill Lynch index. In a sign of confidence, Poly Real Estate Group Co. sold five-year notes at 2.96 percent on Feb. 23, eight basis points lower than the rate for debt issued by China Development Bank Corp., the nation’s biggest policy lender…

China Housing Frenzy Makes Property Bonds Fund Manager Darlings

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