Dollar bonds of more Chinese property developers continue to fall with bonds of Agile and KWG dropping 10-14%. In particular, Agile’s 6.05% 2025s and KWG’s 5.875% 2024s fell over 14% yesterday, and currently trade at 54.7 and 61.38 cents on the dollar. Also risks have spread over to IG-rated names as dollar bonds of state-owned company Sino-Ocean (Baa3/-/BBB-) have fallen sharply, in addition to the drop in peers’ bonds like COGARD (Baa3/BB+/BBB-) and Shimao (Ba1/BBB-/BBB-) China’s finance ministry holds just under 30% of Sino Ocean’s shares as per Bloomberg.

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