China Everbright Bank Co

The party in Chinese high yield real estate bonds continued this week, with China Aoyuan Group, Zhenro Properties and Yuzhou Properties taking home $1.15bn between them on Tuesday.

Seazen Holdings, previously known as Future Land Holdings, and Powerlong Real Estate raised $500m between them on Monday for near-term refinancing, with positive market sentiment allowing them to price their bonds tightly.

Several Chinese borrowers ventured into the bond market at the end of December, locking up last-minute deals that were mainly supported by anchor orders.

Chinese property companies are pushing their fund-raising for 2018 to the bitter end – with sometimes surprising results. Cifi Holdings scored with a larger-than-expected $400m bond on Monday, while Redsun Properties Group sold a $200m tap.

Greenland Hong Kong Holdings closed the year with a $200m bond on Wednesday, as the high yield issuer took advantage of its anchor investors and the relatively positive market backdrop.

Three Chinese local government financing vehicles (LGFVs) managed to push out last-minute dollar deals before the year end on Tuesday, while property developer Kaisa Group Holdings raised $300m from a 365-day bond at a double-digit yield.

Logan Property Holdings Co made a quick venture into the market on Thursday to use the remainder of its offshore issuance quota for the year. The typically price-sensitive issuer willingly left something on the table for investors this time around to ensure their support in 2019.

Power Construction Corporation of China (PowerChina) guaranteed a dollar bond for its real estate arm on Thursday, with the notes tightening by two basis points in the secondary market.

A number of sub-investment grade rated property developers and local government financing vehicles (LGFVs) used private-style executions for their public transactions this week — an increasingly popular approach among Chinese bond issuers.

Spreads on Chinese property dollar bonds felt the impact of heavy supply on Monday when three companies, Times China Holdings, Greenland Holding Group and China Evergrande Group, brought new issues to the market.

A flurry of Asian bond issuers have ventured out in a bid to wrap up deals ahead of the Thanksgiving holiday in the US on Thursday, even as markets remain on shaky ground.

Everbright Sun Hung Kai Co priced a modest $200m bond on Wednesday when most investors were focused on other high profile transactions.