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China is said to be drafting a ‘white list’ of 50 developers, both private and state-owned, to be eligible for a range of funding options to help the property market, as per sources. They noted that some of the names include China Vanke, Seazen Group and Longfor Group among others. The funding options to help these developers would come through financial institutions via bank loans, debt and equity financing etc. As per sources, a gathering by top financial regulators on Friday asked China’s biggest banks, brokerages and distressed asset managers to meet all “reasonable” funding needs from property firms. Besides, financial firms were also asked to “treat private and state-owned developers the same” regarding lending needs.
Dollar bonds of Vanke and Road King broadly rose by over 1.3 points across the curve. However, Vanke’s 3.975% 2027s jumped by 5.7 points to 65.5 and Road King’s 6% 2025s jumped 5.6 points to 51.6 cents on the dollar. Seazen’s dollar bonds were mostly higher by over 2 points while its 4.625% 2025s jumped 3.8 points to 27.5 cents on the dollar. Longfor’s 3.85% 2032s were up 3.1 points to 42.4 cents on the dollar.
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