China firms may buy back US$ bonds

[SINGAPORE] Chinese property developers with the option to repurchase US dollar-denominated bonds later this year may opt to do so amid falling yields, according to Western Asset Management Co.

Shimao Property Holdings, a residential and hotel builder in China, is considering buying back its 2017 notes, which have a call option in August, as it considers a syndicated loan, Tammy Tam, an investor relations official at the company, said yesterday.

Country Garden Holdings, controlled by China's richest woman Yang Huiyan, has 11.25 per cent 2017 securities which it may redeem at any time and from time to time on or after April 22 in whole or in part. KWG Property Holding's 12.5 per cent bonds can be bought back in August.