中國房地產開發商重返離岸債市

Chinese property developers have made an aggressive return to Asia’s dollar-denominated debt market as the country’s top economic planner allows more offshore Deals.

中國房地產開發商已經大舉重返亞洲的美元債務市場，原因是中國最高經濟規劃機構放行更多離岸交易。

The National Development and Reform Commission has started to approve more developers for offshore bond issuance after slowing the process at the start of the year, according to two people familiar with the matter.

據兩名知情人士透露，繼今年初放慢審批進程後，國家發展和改革委員會已開始批准更多開發商在境外發行債券。

The NDRC, which approves issuance, along with other regulators, held up some approvals due to fears the country’s housing market was once again overheating.

負責審批債券發行的國家發改委和其他監管機構，此前因擔心國內樓市再度過熱而阻止了一部分發行交易。

One debt capital markets banker at a Chinese bank in Hong Kong said the shift in NDRC treatment of developers likely occurred at the end of last month, coinciding with the closing of China’s Communist party congress.

香港一家中資銀行的一位債務資本市場銀行家表示，國家發改委對開發商態度的轉變很可能發生在上月底，也就是中國共產黨十九大閉幕之後。

The person noted that the change had led to a number of new debt deals for developers in the pipeline.

這名人士指出，這一變化已導致開發商排隊申請進行多筆新的發債交易。

Offshore debt issuance by Chinese property developers hit a low mark for 2017 in October, with just $502m in issuance, down 57 per cent from last year, according to data from Dealogic.

Dealogic數據顯示，10月份中國房地產開發商離岸債券發行量創2017年新低，僅爲5.02億美元，同比下降57%。

Since the start of the month, a number of large property developer deals have returned to the market.

自本月初以來，好幾筆大型房地產開發商債券發行重返市場。

On November 2, Vanke Real Estate priced a $1bn 10-year bond at 3.98 per cent. In the first 11 days of November, Chinese developer deals, valued at $2.97bn, have priced in the offshore market, surpassing the figure for the whole of last November.

11月2日，萬科地產香港將一筆10年期的10億美元債券發行定價3.98%。在11月的前11天，價值29.7億美元的中國開發商債券發行已在離岸市場定價，超過了去年11月全月的數字。

“It’s good news because the offshore market has been the biggest source of refinancing for many Chinese developers,” said Wendy Liu, an analyst at UOB Kay Hian in Shanghai.

“這是個好消息，因爲離岸市場一直是許多中國開發商再融資的最大來源，”大華繼顯證券(UOB Kay Hian Securities)常駐上海的分析師Wendy Liu表示。

China’s economic planners became concerned that China’s property market was again overheating at the end of last year. Since then, regulators have increased some controls on house sales, sending the shares of listed property developers tumbling in Hong Kong in September.

中國經濟規劃者在去年底擔心中國房地產市場再度過熱。此後監管機構加大了對房屋銷售的控制力度，使得在香港上市的房地產開發商的股票在9月份大跌。

In response, the mainland residential property market has cooled off, Ms Liu said.

Wendy Liu表示，其結果是，內地住宅市場已有所降溫。

The cost of new housing in China rose at its slowest pace in 17 months in September. Transaction value for residential real estate declined for the first time this year in October, coming down 1.7 per cent year on year, according to data from UOB.

9月份，中國新建住房價格以17個月來最慢速度上漲。根據大華繼顯的數據，10月份住宅房地產交易額出現今年以來首次下降，同比降幅達1.7%。

The size of the Asia dollar debt market, excluding Japan and Australia, has more than quadrupled since 2005, and issuance in 2017 has hit record highs.

除日本和澳大利亞外的亞洲美元債券市場的規模自2005年以來翻了兩番多，2017年發行量創下歷史新高。