新闻来源：www.bloomberg.com
原文地址：China Junk Bonds Suffer Longest Slide in Year on Property Slump
新闻日期：2024-09-11
中国次级美元债券已连续八天下跌，创下自2023年8月以来最长的下跌周期，受到中国房地产行业深度衰退的影响。
中国将于2027年到期的4.375%次级美元债券在周三降至44美分，创四个月来的最低点。根据Bloomberg的数据，另一家中国开发商发行的4.25%次级美元债券以及其他一些债券也分别下跌了约2美分。
自五月份以来，中国高息美元债券的平均价格已降至85.6美分，这也是四个月来的最低水平。投资者再次感到紧张，因为中国建筑公司面临房地产销售持续下滑带来的流动性压力，引发了对其流动性的担忧。这一最新波动也中断了今年早些时候的市场反弹，当时中国高息美元债券在政府政策的支持下曾上涨至三年来最好的水平。
“我们仍对中国房地产市场持谨慎态度，因为不确定性仍然存在，我们尚未看到稳定迹象。”Pinebridge Investments Asia Ltd亚洲固定收益投资部主管之一表示。尽管政府已努力支持市场，但中国的住房行业自八月份以来仍未见好转。许多开发商的资产规模在收缩，这进一步加剧了市场的担忧。
中央政府于五月份敦促超过200个城市购买未售房产，但成效并不显著，只有29个城市响应。法尔律指出，“这是由于政策措施的效果不如预期”，“再加上宏观经济数据疲软，这已经转变为对中国高息美元债券的风险偏好降低。”
原文摘要：
China’s junk dollar market is on pace to decline for an eighth day, the longest such stretch since August 2023, after weak home sales data underscored the country’s deepening real estate slump.’s 3.975% dollar due in 2027 declined 3.5 cents to 44 cents on Wednesday, set for the lowest since early May. A 4.25% dollar due 2029 issued by fell by around 2 cents, as did some sold by , according to Bloomberg-compiled data. The average price of Chinese high-yield dollar bonds dropped to 85.6 cents in the seven days to Tuesday, also the lowest in four months, according to a Bloomberg .Investors are once again on tenterhooks as Chinese builders face pressure from continued declines in property sales, sparking worries about their liquidity. The renewed turmoil cut short a market rebound earlier this year, when China’s high-yield dollar bonds rallied to their in three years amid government efforts to shore up the bruised property sector. “We are still cautious on China property names as the uncertainty is still there and we have not seen the stabilization yet,” said , co-head of Asia fixed income at Pinebridge Investments Asia Ltd.The country’s housing slump in August despite government efforts to support the market. Shrinking from , and other developers have also weighed on sentiment.“The selloff came on the back of generally weak first half results, with the still-surviving Chinese developers reporting thin margins, weaker leverage and strained liquidity,” said , senior credit analyst at Lucror Analytics. Meanwhile, the central government’s attempt to ease oversupply by urging more than 200 cities in May to buy unsold homes has so far produced sluggish , with only 29 of them heeding the call. “There is a realization that the series of policy measures, which drove the rally in April and May, has not been as effective as desired,” Law said. “Coupled with soft macro data, this has turned into a risk-off sentiment toward China high yield.”
