Dollar bonds of Chinese property developers broadly continue to rally with the likes of Road King, Country Garden, Sino-Ocean and others up ~50% since end-November after the array of easing measures taken by Chinese policymakers and regulators.
Separately, R&F Properties co-founder Zhang Li was arrested in London regarding bribery over a San Fransisco project. R&F Properties said that it had ‘no interest’ in the San Francisco project known as “Z&L Properties” and the company did not put up Zhang’s bail money. While R&F’s dollar bonds were flat at over 20 cents on the dollar, its shares fell by 16% on the news.
