SEVEN Chinese property developers have tapped Asia’s dollar bond markets in the past week, raising a combined US$2.6 billion, as they race to take advantage of fresh investor enthusiasm for junk-rated bonds amid signs of economic support from the Chinese Government.

Worries about a falling yuan, slowing property sales and a series of defaults by Chinese borrowers earlier this month had virtually frozen the junk, or high-yield debt, market. But investors have warmed to such bonds from mainland companies following signs that the government is once more focusing on boosting the economy by loosening access to credit.

On Thursday, Aoyuan Properties was seeking at least US$150 million while Greenland Holdings sought US$300 million. Agile Group Holdings was first out of the blocks with a July 20 offering of US$400 million, following on an initial offering of US$200 million the week earlier which struggled to drum up investor demand. Yuzhou Properties on Monday raised US$425 million, having received orders for US$1.5 billion of the bonds.

The US$2.6 billion in deals have made the past week the busiest week since mid-June.

On Wednesday, Sunac China Holdings raised US$400 million and Sino-Ocean Group Holding raised US$700 million. The previous day China Fortune Land Development sought US$200 million. (SD-Agencies)