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Dollar bonds of investment grade (IG) rated Chinese property developers rallied yesterday on further easing measures taken by the government on the sector. Chinese regulators offered more financial support by allowing bank loans taken by developers by pledging their commercial properties, to be used to repay other loans and bonds. The latest measure includes loans backed by commercial real estate like office towers and malls. This easing measures will stay in place until the end of 2024. The latest move adds to a list of easing measures already taken by the government to help reduce liquidity pressures in the sector that include allowing equity refinancing, cutting down-payments for homebuyers in the largest cities amongst others.
Vanke’s dollar bonds were up 2-3 points and Longfor’s dollar bonds rose by 2-2.5 points across the curve to lead the gainers. Besides, China Jinmao’s dollar bonds were also up 1 point.
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