Developer seeks US$300m in bond sale
Mainland developer China Properties Group plans to raise US$300 million from a bond sale, two months after the company raised US$208 million in a Hong Kong initial public offering. Merrill Lynch would arrange the sale of the seven-year bonds, sources said. The roadshow will start in Asia tomorrow. 'High-yield bonds from China's property developers appear to be getting a bit overbought but that's the case with all Asia high-yield bonds now,' said one junk bond trader. 'When it's nervous it gets oversold and when it's constructive it's overbought, and we're entering that kind of period.'