Just when people started to give up on Hong Kong’s relevance as a financial hub, a new breed of money seekers is coming to town.

Local government-affiliated industrial companies have been avid issuers of dim sum bonds, or offshore yuan-denominated notes, lately. Qihe Urban Investment Construction Group, which is involved in infrastructure construction in the northeastern Shandong province, is new to brokers in Hong Kong. But since late September, the entity wholly owned by Qihe County has issued notes totaling 2.4 billion yuan ($336 million). All have a 7.8% coupon, except for one offering extra credit protection, according to data compiled by Bloomberg.

QOSHE - Hong Kong Has a New Breed of Stressed Money Seekers - Shuli Ren
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Hong Kong Has a New Breed of Stressed Money Seekers

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04.01.2024

Just when people started to give up on Hong Kong’s relevance as a financial hub, a new breed of money seekers is coming to town.

Local government-affiliated........

© Bloomberg

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