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China Bond Rout Shifts From Evergrande to Other Big Developers

  • Country Garden, Vanke dollar bonds fell sharply last week
  • Weaker borrowers’ notes gain though still at distressed levels
Bloomberg business news
Evergrande Needs to Restructure: Lowy

Investor concerns are shifting to China’s stronger property firms as a selloff across the industry’s dollar bonds turns to higher-quality borrowers. 

A dollar bond from China’s largest property firm by sales, Country Garden Holdings Co., fell 2 cents to 77.4 cents Monday morning after tumbling a record 10.3 last week. China Vanke Co., the nation’s second largest, also slid. A dollar note sold by one of its units was indicated down at 96.2 cents after falling 3.2 cents last week, the steepest drop since March 2020.