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Bonds

Bonds
Bond market action from around the world with a focus on Dim Sum debt and dollar bonds issued by Chinese firms.
A China Evergrande Group subsidiary was ordered to undergo liquidation on Monday, while another unit faces creditors in court on Tuesday. Photo: AFP
China property

China property crisis: Hong Kong court orders Evergrande, HNA units to liquidate

Tianji Holding and HNA Group (International) have become the latest casualties in the mainland’s distressed property sector.

Banking & finance

Hong Kong to enhance markets, gateway role in trade, officials pledge

China property

China’s land buy-backs to help developers must accelerate: analysts

China property

Chinese developer Greentown to issue US$350 million bond to refinance debt

Greentown said it would use the proceeds to refinance its debt and use cash to buy some of its outstanding notes.

Greentown China’s website. Photo: Shutterstock Images
Banking & finance

China central bank issues US$8.2 billion in bills in Hong Kong to stabilise yuan

Move is the latest in a series by China’s central bank that support Hong Kong’s status as a global hub for offshore yuan business.

Hong Kong economy

Editorial | Allowing repurchase agreements gives Hong Kong the edge on last mile

New “Repo Connect” reform demonstrates mainland support for the city and internationalisation of the yuan.

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China property

China Vanke secures US$383 million lifeline from top shareholder

The developer is transferring an 18 per cent stake in its property management unit Onewo as collateral.

China Vanke has forecast a record loss of 45 billion yuan for 2024. Photo: Simon Song
Banking & finance

Investors keen on using onshore Chinese bonds as repo collateral in Hong Kong

A repo is a short-term borrowing transaction to sell securities and repurchase them later at a slightly higher price.

China economy

Opinion | China’s local government financing vehicles are a ticking debt bomb

Amid infrastructure drive, shadowy LGFVs, which let local governments circumvent borrowing limits, risk triggering a debt-fuelled bust.

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China property

Chinese developer Sino-Ocean’s debt plan wins court approval in UK

The outcome potentially paves the way for the company to prevail in a liquidation lawsuit in Hong Kong later this month.

A model of a residential complex developed by Sino-Ocean Group is pictured in Qinhuangdao city, Hebei province, China, on June 30, 2024. Photo: Simon Song
US-China relations

Opinion | DeepSeek’s US tech rout kicks off 2025’s game of snakes and ladders

With China underrated and global footloose capital getting jitters about the United States, investors can expect volatility.

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DeepSeek is a Chinese artificial intelligence company founded by Liang Wengfeng. Its low-cost AI model was developed with significantly fewer computing resources than those of bigger US tech firms like OpenAI and Meta. Photo: Reuters
Banking & finance

Hong Kong’s economy to benefit from capital flow, rate cut: ANZ

City’s economy is likely to grow between 2.5 and 3 per cent, ANZ chief economist Raymond Yeung says.

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China property

Vanke gets new chairman from its No. 1 shareholder to spur growth

New chairman’s state-linked background sends positive signals, but company’s fate still depends on a sales recovery, an analyst says.

Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund reports fifth-best return despite fourth-quarter loss

The fund’s return fell 3 per cent in 2024 to HK$219 billion (US$28 billion) due mainly to a loss of HK$20.1 billion in the fourth quarter.

The Hong Kong Monetary Authority manages the Exchange Fund, the city’s war chest to defend the currency peg. Photo: Jonathan Wong
China property

Sunac China cuts costs on US$715 million debt in restructuring plan

Restructuring terms allow the Chinese developer to effectively cut its annual borrowing costs to 4.12 per cent from 9.6 per cent.

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A man walks past the logo of property developer Sunac outside a residential compound in Beijing in September 2023. Photo: Reuters
Banking & finance

Standard Chartered banks on yuan assets amid US-China tensions

The lender has already seen higher demand for foreign-exchange management and hedging, and the need will only grow, an executive says.

Hong Kong

Hong Kong can become multicurrency bond hub with Beijing’s support: experts

Many Hong Kong public bodies have seen increasing interest in multicurrency bonds to attract more international investors, UBS says.

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Hong Kong property

New World says it’s ‘business as usual’ amid rumours of default risk

Residential sales in Hong Kong continue to improve, and mainland China sales are on track, embattled company says.

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A view of New World Tower in Central. Photo: Jelly Tse
China economy

Opinion | Stimulus will boost China’s economy, but for how long?

Fiscal and monetary policies can only go so far. In the longer term, China’s economy will need to undergo a more fundamental transition.

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China property

Embattled Chinese developer Vanke suffers Fitch Ratings bond downgrade

S&P Global also downgrades indebted builder’s bonds two notches on concerns about the company’s liquidity.

Banking & finance

China to allow foreigners to take onshore bonds offshore via repos, derivatives

China is seeking to open up its markets and support Hong Kong’s status as an offshore yuan hub.

PBOC governor Pan Gongsheng. Photo: Reuters
Hong Kong Monetary Authority (HKMA)

Hong Kong and Macau link bond systems to create larger market

Four new bond issuances worth 3.2 billion patacas (US$401 million), plus 18 secondary-market transactions, settled on first day of linkage.

A general view of Sai Van Bridge and Taipa in Macau on 28 September 2024. Photo: Eugene Lee
Banking & finance

Chinese regulators show support for markets ahead of Trump’s inauguration

The move is seen by some participants as an effort to boost investor confidence in times of uncertainty.

China property

China developer Vanke’s fate in question as shares and bonds drop amid rumours

A government takeover could be seen as a positive development in the market, according to an analyst.

Banking & finance

China’s consolidation of small banks accelerates to head off systemic risk

Smaller banks face more asset quality deterioration in coming years, on top of earnings pressure, Fitch Ratings director says.

A couple walks in Wuying Village on the border between south China’s Guangxi Zhuang Autonomous Region and southwest China’s Guizhou Province, on July 18, 2024. Photo: Xinhua
United States

Macroscope | Why bond markets refuse to hop aboard the Trump train

A sharp sell-off in bond markets despite the Fed’s easing cycle shows investors are worried about the uncertainty around Trump’s second term.

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US president-elect Donald Trump speaks at a news conference at his Mar-a-Lago resort in Palm Beach, Florida, on December 16, 2024. Photo: Getty Images
Banking & finance

Hong Kong’s CTF Services to issue US$100 million in convertible bonds

The infrastructure unit under Chow Tai Fook Enterprises said it will apply to list the new shares on the Hong Kong exchange.

Banking & finance

Chinese investment bank CICC cleared to operate in Dubai financial centre

Licence is ‘a big step forward’ for cross-border deals in the United Arab Emirates, CEO of Dubai Financial Services Authority says.

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