net_left Kdata Phương Thức Thanh Toán
Phương Thức Thanh Toán

Funds see promise in battered Chinese real estate dollar bonds

By Samuel Shen and Andrew Galbraith SHANGHAI (Reuters) - Beaten-down dollar bonds issued by Chinese property developers are enticing domestic and global fund managers, some of...
Funds see promise in battered Chinese real estate dollar bonds © Reuters.

By Samuel Shen and Andrew Galbraith

SHANGHAI (Reuters) - Beaten-down dollar bonds issued by Chinese property developers are enticing domestic and global fund managers, some of whom are even planning to launch new funds targeting bargains as Beijing relents in its concerted drive to clean up the sector.

Jupai Holdings Ltd, a Chinese wealth manager, plans to start a fund to bet on such offshore Chinese property bonds.

"I think roughly half of the developers' dollar bonds were slaughtered by mistake," Jupai Chairman Jianda Ni said.

"We will spot value in what others dumped as trash."

The investment appeal of the fallen angels in the property sector has grown on the heels of moves by China to ease some of the financial and regulatory constraints it imposed last year.

Curbs on borrowings by big real estate developers have driven China's property sector into a crisis, with China Evergrande Group at its forefront. Once China's top-selling developer, it has around $20 billion of international bonds, all deemed to be in default.

A Markit iBoxx index tracking China's high-yield real estate dollar bonds tumbled as much as 19% in January, following 2021's 38% slump.

The selloff, which began in October with Evergrande, accelerated as other developers such as Kaisa Group and Shimao Group defaulted or delayed bond payments.

Paula Chan, senior portfolio manager at Manulife Investment Management, also sees "pockets of opportunities" as the real estate sector moves "from the bottom of the policy tightening cycle".

"The high-yield space presents a lot of opportunities, especially for distressed investors," Chan said.

DOUBLING DOWN

China has in recent months rolled out several policies to stabilise the slowing economy, including a cut in mortgage rates, stepped-up approvals for developers' bond issuance, and government support for property acquisitions.

Fengshi Capital, a Chinese vulture fund manager, started buying developers' junk bonds late in 2021, and is considering doubling down on such bets this year, said a source with direct knowledge of the fund's plans who declined to be identified because the source was not authorised to talk to media.

Wealth manager Jupai's Ni says the firm's new fund will buy heavily discounted bonds that will mature shortly, betting they will not default. Such a strategy is based on a deep understanding of Chinese developers, as well as the character of their bosses, said Ni, who has worked for more than three decades in the Chinese real estate sector.

Ni declined to name any targets, but said many undervalued bonds are in the range of 70-80 cents on the dollar.

Roughly half of the dollar bonds issued by Chinese developers trade below 80 cents on the dollar, according to an estimate by Essence Securities last week. Some bonds issued by major developers currently yield more than 60%.

Mike Kelly, global head of multi-asset at the $140 billion asset manager PineBridge Investments said last week that the fund had started buying offshore Chinese property bonds and expected authorities' measures to stabilise the market would deliver "extraordinary" returns.

Kelly declined to name companies. Having started to buy at the end of December, he said he was still "in the accumulation stage", picking up securities at 75-85 cents on the dollar.

Jean Charles Sambor, head of emerging market fixed income at BNP Paribas (OTC:BNPQY) Asset Management, also expects "significant easing" in China's real estate policies, and the asset manager too is building a long position in the sector's debt.

Hot Auto Trade Bot Phương Thức Thanh Toán
BROKERS ĐƯỢC CẤP PHÉP
net_home_top Ai VIF
28-03-2024 18:56:12 (UTC+7)

EUR/USD

1.0784

-0.0042 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (8)

EUR/USD

1.0784

-0.0042 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (8)

GBP/USD

1.2613

-0.0026 (-0.20%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (10)

USD/JPY

151.37

+0.05 (+0.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.6490

-0.0043 (-0.66%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

USD/CAD

1.3597

+0.0029 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

EUR/JPY

163.18

-0.57 (-0.35%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

EUR/CHF

0.9766

-0.0020 (-0.20%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Gold Futures

2,231.20

+18.50 (+0.84%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Silver Futures

24.683

-0.069 (-0.28%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (1)

Copper Futures

3.9953

-0.0047 (-0.12%)

Summary

Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (4)

Crude Oil WTI Futures

82.39

+1.04 (+1.28%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

86.28

+0.87 (+1.02%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

1.703

-0.015 (-0.87%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

US Coffee C Futures

188.43

-2.22 (-1.16%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (10)

Sell (0)

Euro Stoxx 50

5,092.55

+10.81 (+0.21%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

S&P 500

5,248.49

+44.91 (+0.86%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

DAX

18,500.35

+25.29 (+0.14%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,952.37

+20.39 (+0.26%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (4)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,114.35

+44.19 (+2.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

IBEX 35

11,095.50

-15.80 (-0.14%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (3)

BASF SE NA O.N.

53.055

-0.195 (-0.37%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (2)

Bayer AG NA

28.43

0.00 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (8)

Allianz SE VNA O.N.

276.98

-0.47 (-0.17%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (4)

Adidas AG

206.38

+1.68 (+0.82%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

7.273

+0.096 (+1.34%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (3)

Siemens AG Class N

177.00

+0.08 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

Deutsche Bank AG

14.648

+0.036 (+0.25%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

    EUR/USD 1.0784 ↑ Sell  
    GBP/USD 1.2613 ↑ Sell  
    USD/JPY 151.37 ↑ Sell  
    AUD/USD 0.6490 ↑ Sell  
    USD/CAD 1.3597 ↑ Buy  
    EUR/JPY 163.18 ↑ Sell  
    EUR/CHF 0.9766 ↑ Sell  
    Gold 2,231.20 ↑ Buy  
    Silver 24.683 ↑ Buy  
    Copper 3.9953 Sell  
    Crude Oil WTI 82.39 ↑ Sell  
    Brent Oil 86.28 ↑ Sell  
    Natural Gas 1.703 ↑ Buy  
    US Coffee C 188.43 ↑ Buy  
    Euro Stoxx 50 5,092.55 ↑ Sell  
    S&P 500 5,248.49 ↑ Buy  
    DAX 18,500.35 Buy  
    FTSE 100 7,952.37 ↑ Sell  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,114.35 ↑ Buy  
    IBEX 35 11,095.50 Buy  
    BASF 53.055 Neutral  
    Bayer 28.43 ↑ Sell  
    Allianz 276.98 Neutral  
    Adidas 206.38 ↑ Sell  
    Lufthansa 7.273 Buy  
    Siemens AG 177.00 Neutral  
    Deutsche Bank AG 14.648 ↑ Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,880/ 8,050
(0/ 0) # 1,398
SJC HCM7,900/ 8,100
(10/ 10) # 1,450
SJC Hanoi7,900/ 8,102
(10/ 10) # 1,452
SJC Danang7,900/ 8,102
(10/ 10) # 1,452
SJC Nhatrang7,900/ 8,102
(10/ 10) # 1,452
SJC Cantho7,900/ 8,102
(10/ 10) # 1,452
Cập nhật 28-03-2024 18:56:19
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$2,209.45 +18.43 0.84%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI $82.14 +4.7 0.06%
Brent $86.18 +4.54 0.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.950,00
EUR26.018,3427.446,04
GBP30.390,9531.684,00
JPY158,69167,96
KRW15,8419,20
Cập nhật lúc 18:53:18 28/03/2024
Xem bảng tỷ giá hối đoái
Phương Thức Thanh Toán