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BlackRock Cautious as Sales End Dollar Bond Rally: China Credit

Chinese dollar-denominated bonds lost money for the first month since May as record issuance by developers prompted caution at funds including BlackRock Inc.

The securities lost 0.7 percent as of Jan. 31, according to JPMorgan Chase & Co. indexes. The yield on 2020 notes sold by Shimao Property Holdings Ltd., whose projects include the five-star Le Royal Meridien Shanghai hotel, has jumped 56 basis points to 7.18 percent since being issued earlier last month. Real estate bonds globally yield 2.95 percent, according to Bank of America Merrill Lynch indexes.