Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2023 Event Calendar
    • Mingtiandi APAC Residential Forum 2023
    • Mingtiandi Asia Logistics Forum 2023
    • Mingtiandi Hong Kong Focus Forum 2023
    • Mingtiandi APAC Data Centre Forum 2023
    • Mingtiandi Asia Office Strategies Forum 2023
    • Mingtiandi Singapore Focus Forum 2023
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Cifi and Greentown China Raising More Overseas Debt Financing

2014/01/21 by Michael Cole Leave a Comment

Albert Yau Sze-ka CIFI

Albert Yau Sze-ka, CFO of CIFI

This week, two more Chinese real estate developers began raising dollar-denominated debt financing as China’s government struggles to restrict lending and deflate a housing price bubble. In an interesting twist, both developers had already received significant investments from Hong Kong firms.

Greentown China, which was acquired by Hong Kong’s Wharf during 2012, is selling subordinated perpetual securities at a yield of about 9.25. Cifi, another mainland developer with a Hong Kong connection,  is offering five-year debentures to yield about 9.25 percent. The Hong Kong-listed company took on US$50 million in investment from private equity firm RRJ Capital last October.

The moves by Cifi and Greentown followed soon after Shanghai-based Shimao Property raised a $600 million seven-year note on Janary 14th.

The scramble for debt financing comes as China’s traditionally lucrative real estate business begins to be compressed by government tightening of credit which have made it difficult to borrow domestically, and rising land costs, which are rapidly eroding margins.

Speaking of the impact of the government’s recent credit clampdown, Societe Generale analyst Wei Yao pointed out that, ”Several borrowing channels have already started to cool, responding to tight liquidity conditions. Policymakers are poised to rein in shadow banking and cap local government debt growth.”

In addition to the US$50 million of equity financing that Cifi received from RRJ last year, the private equity firm  bought $100 million of CIFI bonds last year. Cifi also sold $225 million in bonds during Sept. 11, and Greentown raised $300 million in debt financing the same month.

 

 

 

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: China housing bubble, CIFI Holdings, crebrief, Greentown China Holdings, RRJ Capital, Wharf Holdings

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

Proptech Forum: Logistics Tech
Logistics Experts Reveal How Tech Is Reshaping Asia’s Distribution Centres
MTD TV BW Spotlight Interview thumbnail.jpg
Logistics Takes Off in Vietnam as E-Commerce Booms: MTD TV

More MTD TV Videos>>

People in the News

Jonathan Yap CapitaLand
Jonathan Yap Named CapitaLand Development CEO as Leow Retires Early
Grace Woo Chia-ching, executive director of CK Asset (Getty Images)
Asia Real Estate People in the News 2023-03-20
Eugene Kohn KPF
Asia Real Estate People in the News 2023-03-13
Kunihiko Okumura LaSalle
LaSalle Promotes Nick Okumura to Japan CEO, Appoints Itaru Nogami to Manage Fund

More Industry Professionals>>

People in the News

Jonathan Yap Named CapitaLand Development CEO as Leow Retires Early

Jonathan Yap CapitaLand

Singapore property giant CapitaLand on Thursday announced the upcoming retirement of CapitaLand Development CEO Jason … Read More>>

Asia Real Estate People in the News 2023-03-20

Grace Woo Chia-ching, executive director of CK Asset (Getty Images)

Senior changes at developers in Hong Kong and mainland China lead this week’s review of personnel changes in Asia, with … Read More>>

Asia Real Estate People in the News 2023-03-13

Eugene Kohn KPF

The passing of a global architecture giant leads this week’s round of personnel updates on Mingtiandi, as KPF mourns the … Read More>>

LaSalle Promotes Nick Okumura to Japan CEO, Appoints Itaru Nogami to Manage Fund

Kunihiko Okumura LaSalle

LaSalle Investment Management on Wednesday announced the promotion of Kunihiko (Nick) Okumura to succeed Keith Fujii as … Read More>>

More Industry Professionals>>

Latest Stories

jeffrey perlman ESR
ESR Exloring Sale of Stake in SGX-Listed Cromwell European REIT
Peter Young QIP
Singapore’s QIP, Soilbuild Launch $246M UK Student Housing JV
Repulse Bay 1
Wheelock Boss Splashes $7.6M for HK Condo and More Asia Real Estate Headlines

Sponsored Features

TE Capital's Solitaire on Cecil
Pair of Floors Sold as TE Capital, LaSalle Launch Cecil Street Office Tower in Singapore
What Do Real Estate Investors Really Want?
Douglas Wu of Fairland
Fairland Creates Spark City Lifestyle Hub to Energise Hong Kong’s Cheung Sha Wan

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2023 China Advertising Media Ltd (Samoa). All rights reserved.

  • This field is for validation purposes and should be left unchanged.