LONDON : PineBridge Investments has started buying offshore-listed dollar bonds issued by Chinese property developers, the fund's head of multi-asset said on Thursday, predicting"extraordinary" returns from current levels.
But of late, Beijing has acted to restore stability and introduced a raft of measures, including making it easier for state-backed developers to buy up distressed assets of indebted private firms and for developers to access funds from sales still held in escrow accounts. Kelly said authorities' measures to stabilise the market promised"extraordinary" returns. He declined to name companies.
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