Some Hong Kong-listed Chinese property developers are turning to onshore debt to refinance in the face of widespread uncertainty about mainland real estate markets, South China Morning Post reported, citing industry analysts. Shenzhen-based Fantasia Holdings, Shanghai-based Future Land Develoment and Shimao Property all made announcements concerning the issuance of corporate yuan-denominated bonds on Tuesday, with developer Longfor Properties having done likewise on Monday. “Domestic [mainland] rating agencies give developers better ratings (compared to offshore ratings) so they can issue onshore bonds at a cheaper rate,” said Du Jinsong, Head of Asia property research at Credit Suisse.
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