CCRE shows there's still demand for China property bonds

With a strong reception for its B-rated bonds, Central China Real Estate has proved that high-yield credits from the China property sector are still in demand. Taking advantage of a relatively quiet period in the primary market recently, the Reg-S/144A notes attracted $1.8 billion of demand from 150 accounts -- the largest ever order book amassed by a single-B-rated Chinese property name. The deal size was set at $300 million, meaning the issue was six times covered.