Funds see promise in battered Chinese real estate dollar bonds

SHANGHAI : Beaten-down dollar bonds issued by Chinese property developers are enticing domestic and global fund managers, some of whom are even planning to launch new funds targeting bargains as Beijing relents in its concerted drive to clean up the sector.

Curbs on borrowings by big real estate developers have driven China's property sector into a crisis, with China Evergrande Group at its forefront. Once China's top-selling developer, it has around $20 billion of international bonds, all deemed to be in default. Paula Chan, senior portfolio manager at Manulife Investment Management, also sees"pockets of opportunities" as the real estate sector moves"from the bottom of the policy tightening cycle".

Wealth manager Jupai's Ni says the firm's new fund will buy heavily discounted bonds that will mature shortly, betting they will not default. Such a strategy is based on a deep understanding of Chinese developers, as well as the character of their bosses, said Ni, who has worked for more than three decades in the Chinese real estate sector.

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