Over 65% of Chinese developers’ dollar bonds in our universe now yield above 10% with the sell-off in continuing to depress prices and push yields higher. Issuers whose bonds yield less than 10% include those of Country Garden, Sun Hung Kai, CK Asset, China Vanke, Poly Real Estate, CIFI, Lai Fung, Swire, China Overseas Land and a handful of others. About 22% of the bonds have a yield of over 50% with the issuers in this space including erstwhile delinquents like Evergrande, Fantasia, Sinic and also recent additions in the last few weeks like Modern Land, Aoyuan, South City amongst others.
65% of Chinese Developers’ Dollar Bonds Now Yield > 10%
