BlackRock Among Investors to Pare Losing China Property Bets
- Managers trimmed exposure to junk real estate bonds in March
- Investor confidence dented amid wider withdrawal from bonds
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The biggest investors in China’s junk property bonds reduced their exposure for the first time in months, a turning point after they previously doubled down through distress and default risks.
Institutional investors which publicly file their holdings trimmed exposure in March after adding $3.7 billion of dollar bonds in par value terms between early November and the end of February, according to Bloomberg data. BlackRock Inc. cut $370 million last month to bring the value of its holdings - if calculated at par - to just under $5 billion. A BlackRock spokesperson declined to comment on company holdings.