WeChat bargain hunters seek profits in China property bond rout

WeChat bargain hunters seek profits in China property bond rout

Information about WeChat bargain hunters seek profits in China property bond rout

Kevin David


By Andrew Galbraith
SHANGHAI (Reuters) – In late October, as a growing liquidity crisis across China’s property sector walloped developers’ bonds, a group of Chinese finance professionals got together on the messaging app WeChat to pool their funds and buy the unloved debt.
The first target was a 5.3% January 2022 bond issued by a unit of Yango Group, trading at around half its face value and yielding in excess of 400%.
Punters were invited, via WeChat, to pool a minimum of $50,000 each for a chance to double their money, with a downside likely limited at 50%, according to a source who was invited to participate.
Yango, whose Chinese name means Sunshine City, had been hit by a series of credit rating downgrades over its weakened access to …

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