中國房地產(chǎn)商急發(fā)債 投資者擔心風險

Chinese property developers are lining up to sell bonds to international investors-a welcome development for those who want to see the country develop as a dependable source for fixed-income investments.
中國房地產(chǎn)開發(fā)商正排著隊向國際投資者出售債券。對于那些希望看到中國發(fā)展成可靠的固定收益投資目的地的人而言，這是一個可喜的進展。

But investor hesitancy shows show how far China has to go to meet those hopes.
但中國還要走多遠才能滿足這些人的希望？我們可從投資者的遲疑中看出些端倪。

Issuance has jumped as officials in Beijing have tried to tamp down lending and have taken steps to calm its voluble stock market. This year, China's property companies have sold $2.3 billion in dollar-denominated bonds on the open market, according to data research firm Dealogic. That doesn't include a $600 million private-placement by Evergrande Real Estate Group. By comparison, Chinese companies raised $2.42 billion through dollar-denominated bonds in all of 2009.
中國官員努力收縮貸款并已采取多項措施平復處于震蕩之中的股市。此舉造成債券發(fā)行量躍升，據(jù)數(shù)據(jù)研究公司Dealogic數(shù)據(jù)顯示，今年中國房地產(chǎn)公司已在公開市場售出的以美元發(fā)行的債券已達23億美元，這還不包括恒大地產(chǎn)集團通過私募方式獲得的六億美元資金。相比之下，中國公司在2009年全年通過美元債券籌集了24.2億美元。

More are in the works. Yanlord Land Group, a Singapore-listed Chinese company that focuses on developing high-end residential, commercial and integrated property projects, is talking to investors about paying a yield of around 9.5% for a seven-year dollar bond, according to one person familiar with the matter. The company couldn't be reached for comment.
更多的債券發(fā)行還在計劃之中。在新加坡上市的中國公司──仁恒置地集團主要開發(fā)高端住宅、商業(yè)和綜合房地產(chǎn)項目。據(jù)知情人士透露，該公司計劃向投資者出售一款七年期的美元債券，收益率為9.5%左右。未能聯(lián)系到該公司發(fā)表評論。

The sudden activity reflects a hunger for fresh capital in China's booming property sector. Much of the government stimulus aimed at spurring an economic recovery has found its way into real estate, igniting a bull market in property prices and a scramble by developers to build war chests to acquire new land.
債券發(fā)行的突然活躍折射出中國快速發(fā)展的房地產(chǎn)市場對新鮮資本的渴望。中國政府旨在帶動經(jīng)濟復蘇的刺激性貸款大部分以不同的方式流入房地產(chǎn)市場，導致房地產(chǎn)價格牛氣沖天，開發(fā)商紛紛爭搶資金以購買新的土地。

Still, some of these bonds haven't performed as well as expected. Glorious Property Holdings, which had held a series of meetings with bond investors since mid-April, last week put a proposed global bond offering on hold. The company said it will come back to look at the plan again when market conditions become conducive.
然而，部分債券發(fā)行未達到預期。恒盛地產(chǎn)控股有限公司自4月中旬以來已與債券投資者舉行了一系列會議，但上周決定暫停其全球債券發(fā)行計劃。公司稱待市場條件有利之時將再行考慮這一計劃。

In the secondary market, where bonds change hands after their initial offering, prices of issues from Agile Property and Kaisa weaken in recent days, though they have recovered to just above face value.
盡管雅居樂地產(chǎn)控股有限公司和佳兆業(yè)集團發(fā)行的債券價格近幾天在二級市場走弱，但剛剛回升至票面價值之上。債券在首次公開發(fā)行之后在二級市場進行交易。

Investors are taking a level-headed look at these issues. For starters, they have been mostly on the speculative end of the spectrum-the high-return but high-risk type of paper typically called 'junk.' High quality, investment-grade bonds from companies with solid balance sheets and steady growth prospects have been harder to come by.
投資者冷靜地看待這些債券發(fā)行。首先，他們主要投資的是投機性較高的債券，即通常被稱為“垃圾債”的高回報、高風險型的債券。資產(chǎn)負債表堅實、增長前景穩(wěn)健的公司發(fā)行的高質(zhì)量、投資級的債券一直更為搶手并難以獲取。

Market participants also say the rush to the market by so many Chinese property developers gave the market a bit of indigestion. While the international market is generally in good shape-issuance from Asia has soared this year-fund managers say they will try to gauge how each company will fare in the uncertain environment.
市場參與者還表示，這么多中國房地產(chǎn)開發(fā)商涌入債市讓市場有些難以消化。盡管國際市場總體良好，今年來自亞洲的發(fā)行量飆升，但基金經(jīng)理們稱他們將努力評估每家公司在不確定的市場環(huán)境中的發(fā)展前景如何。

'With the postponement of Glorious Property's proposed new issue, we believe only higher-quality companies will manage to issue new bonds under current market conditions, which may limit the actual supply from the sector,' credit analysts at Nomura International wrote in a note to clients.
野村國際(Nomura International)信貸分析師在提供給客戶的報告中寫道，隨著恒盛地產(chǎn)推遲發(fā)債計劃，我們認為只有更高質(zhì)量的公司才有辦法發(fā)行新的債券。當前的市場條件將限制該行業(yè)的實際（債券）供應量。

Investors have good reason to be wary. Chinese bankruptcy law leaves foreign investors little recourse in most cases. This month, Western-funded dairy company Hunan Taizinai Group declared a Cayman Islands bankruptcy order issued against it 'irrelevant.' Last year, a restructuring by Asian Aluminum Holdings left many debtholders with next to nothing.
投資者有理由心存警惕。在大多數(shù)情況下，中國的破產(chǎn)法留給外國投資者的追索權極少。本月，獲得西方投資的湖南太子奶集團宣布開曼群島針對該公司的一項破產(chǎn)令與之無關。去年，亞洲鋁業(yè)控股有限公司(Asian Aluminum Holdings)的重組讓許多債權人幾乎血本無歸。

Property prices in 70 cities in China soared 11.7% in March from a year earlier. Worried about a speculative asset price bubble, China is considering property taxes. That would come on top of tighter mortgage requirements recently announced.
今年3月，中國70個城市的房地產(chǎn)價格同比上漲11.7%。由于擔心投機性資產(chǎn)價格泡沫，中國正在考慮開征物業(yè)稅。在此之前，中國已于近期宣布了更嚴格的房貸要求。

Plenty of investors still see promise. 'The new regulations are designed to cool property demand but not to weaken the credit profile of the issuers,' said Scott Bennett, Head of Asian Credit at Aberdeen Asset Management in Singapore. Still, with China expected to take further steps to try to cool the sector, investors will exercise caution.
大量投資者仍看到希望。新加坡安本資產(chǎn)管理公司(Aberdeen Asset Management)亞洲信貸負責人班尼特(Scott Bennett)說，新規(guī)定旨在給房地產(chǎn)需求降溫，而不是旨在削弱發(fā)行者的信用資質(zhì)。然而，由于預計中國將采取進一步措施以努力給房地產(chǎn)市場降溫，投資者將謹慎行事。