HONG KONG : Chinese property developer CIFI Holdings Group Co Ltd is having difficulty finding domestic buyers for new debt despite state-backing for the issue, sources said, underscoring investor doubts about the sector's recovery prospects.Shanghai-based CIFI, which has previously defaulted on offshore
HONG KONG : Chinese property developer CIFI Holdings Group Co Ltd is having difficulty finding domestic buyers for new debt despite state-backing for the issue, sources said, underscoring investor doubts about the sector's recovery prospects.
Despite that, the deal has yet to be completed as it has not been able to garner sufficient interest from local debt buyers who would typically include major banks and asset managers, four people with knowledge of the matter said. A representative for CIFI declined to comment. China Bond Insurance Corp did not immediately respond to a request for comment.
One of the sources, an official at a Chinese state bank, said his firm had no plans to buy bonds from developers that have defaulted even if the debt has state guarantees, unless they were told by regulators they would be protected if the developer goes under.
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