Hong Kong bourse criticises companies held by Red Princess.

What will the regulator’s investigation of Evergrande’s books reveal?

The first Chinese property developer to default on its debt in 2015, Kaisa Group has regained credit ratings and is returning to the debt markets with a US dollar bond.

Bigger Chinese real estate firms are gaining market share and more discriminatory credit markets are partly the reason why.

Chinese offshore property bond issuance has more than doubled this year, while the average yield-to-maturity for non-investment grade bonds in the sector has risen to its highest level ever.

Large Chinese real estate firms stand to benefit from recent government policies to encourage the sale of more corporate bonds.

Urgent refinancing needs have driven Fantasia and Greenland to sell US dollar bonds. But with the coupon on Fantasia’s paper at 15%, they are having to pay up for the privilege.

Chinese property sector dollar bonds came under massive pressure in the secondary market as Evergrande raised $1.8 billion in a new deal which priced at a significant premium to its outstanding bonds.

First ever bond issue from Cambodia comes up trumps despite being caught in the crosshairs of emerging market volatility and the deadening weight of Chinese property credits on secondary market spreads.

Loophole unlikely to last but illustrates cat-and-mouse game Beijing having to play as it tries to curb corporate leverage and deflate property bubbles.