Chinese property developers are lining up to sell bonds to international investors-a welcome development for those who want to see the country develop as a dependable source for fixed-income investments.
中国房地产开发商正排着队向国际投资者出售债券。对于那些希望看到中国发展成可靠的固定收益投资目的地的人而言，这是一个可喜的进展。
But investor hesitancy shows show how far China has to go to meet those hopes.
但中国还要走多远才能满足这些人的希望？我们可从投资者的迟疑中看出些端倪。
Issuance has jumped as officials in Beijing have tried to tamp down lending and have taken steps to calm its voluble stock market. This year, China's property companies have sold $2.3 billion in dollar-denominated bonds on the open market, according to data research firm Dealogic. That doesn't include a $600 million private-placement by Evergrande Real Estate Group. By comparison, Chinese companies raised $2.42 billion through dollar-denominated bonds in all of 2009.
中国官员努力收缩贷款并已采取多项措施平复处于震荡之中的股市。此举造成债券发行量跃升，据数据研究公司Dealogic数据显示，今年中国房地产公司已在公开市场售出的以美元发行的债券已达23亿美元，这还不包括恒大地产集团通过私募方式获得的六亿美元资金。相比之下，中国公司在2009年全年通过美元债券筹集了24.2亿美元。
More are in the works. Yanlord Land Group, a Singapore-listed Chinese company that focuses on developing high-end residential, commercial and integrated property projects, is talking to investors about paying a yield of around 9.5% for a seven-year dollar bond, according to one person familiar with the matter. The company couldn't be reached for comment.
更多的债券发行还在计划之中。在新加坡上市的中国公司──仁恒置地集团主要开发高端住宅、商业和综合房地产项目。据知情人士透露，该公司计划向投资者出售一款七年期的美元债券，收益率为9.5%左右。未能联系到该公司发表评论。
The sudden activity reflects a hunger for fresh capital in China's booming property sector. Much of the government stimulus aimed at spurring an economic recovery has found its way into real estate, igniting a bull market in property prices and a scramble by developers to build war chests to acquire new land.
债券发行的突然活跃折射出中国快速发展的房地产市场对新鲜资本的渴望。中国政府旨在带动经济复苏的刺激性贷款大部分以不同的方式流入房地产市场，导致房地产价格牛气冲天，开发商纷纷争抢资金以购买新的土地。
Still, some of these bonds haven't performed as well as expected. Glorious Property Holdings, which had held a series of meetings with bond investors since mid-April, last week put a proposed global bond offering on hold. The company said it will come back to look at the plan again when market conditions become conducive.
然而，部分债券发行未达到预期。恒盛地产控股有限公司自4月中旬以来已与债券投资者举行了一系列会议，但上周决定暂停其全球债券发行计划。公司称待市场条件有利之时将再行考虑这一计划。
In the secondary market, where bonds change hands after their initial offering, prices of issues from Agile Property and Kaisa weaken in recent days, though they have recovered to just above face value.
尽管雅居乐地产控股有限公司和佳兆业集团发行的债券价格近几天在二级市场走弱，但刚刚回升至票面价值之上。债券在首次公开发行之后在二级市场进行交易。
Investors are taking a level-headed look at these issues. For starters, they have been mostly on the speculative end of the spectrum-the high-return but high-risk type of paper typically called 'junk.' High quality, investment-grade bonds from companies with solid balance sheets and steady growth prospects have been harder to come by.
投资者冷静地看待这些债券发行。首先，他们主要投资的是投机性较高的债券，即通常被称为“垃圾债”的高回报、高风险型的债券。资产负债表坚实、增长前景稳健的公司发行的高质量、投资级的债券一直更为抢手并难以获取。
Market participants also say the rush to the market by so many Chinese property developers gave the market a bit of indigestion. While the international market is generally in good shape-issuance from Asia has soared this year-fund managers say they will try to gauge how each company will fare in the uncertain environment.
市场参与者还表示，这么多中国房地产开发商涌入债市让市场有些难以消化。尽管国际市场总体良好，今年来自亚洲的发行量飙升，但基金经理们称他们将努力评估每家公司在不确定的市场环境中的发展前景如何。
'With the postponement of Glorious Property's proposed new issue, we believe only higher-quality companies will manage to issue new bonds under current market conditions, which may limit the actual supply from the sector,' credit analysts at Nomura International wrote in a note to clients.
野村国际(Nomura International)信贷分析师在提供给客户的报告中写道，随着恒盛地产推迟发债计划，我们认为只有更高质量的公司才有办法发行新的债券。当前的市场条件将限制该行业的实际（债券）供应量。
Investors have good reason to be wary. Chinese bankruptcy law leaves foreign investors little recourse in most cases. This month, Western-funded dairy company Hunan Taizinai Group declared a Cayman Islands bankruptcy order issued against it 'irrelevant.' Last year, a restructuring by Asian Aluminum Holdings left many debtholders with next to nothing.
投资者有理由心存警惕。在大多数情况下，中国的破产法留给外国投资者的追索权极少。本月，获得西方投资的湖南太子奶集团宣布开曼群岛针对该公司的一项破产令与之无关。去年，亚洲铝业控股有限公司(Asian Aluminum Holdings)的重组让许多债权人几乎血本无归。
Property prices in 70 cities in China soared 11.7% in March from a year earlier. Worried about a speculative asset price bubble, China is considering property taxes. That would come on top of tighter mortgage requirements recently announced.
今年3月，中国70个城市的房地产价格同比上涨11.7%。由于担心投机性资产价格泡沫，中国正在考虑开征物业税。在此之前，中国已于近期宣布了更严格的房贷要求。
Plenty of investors still see promise. 'The new regulations are designed to cool property demand but not to weaken the credit profile of the issuers,' said Scott Bennett, Head of Asian Credit at Aberdeen Asset Management in Singapore. Still, with China expected to take further steps to try to cool the sector, investors will exercise caution.
大量投资者仍看到希望。新加坡安本资产管理公司(Aberdeen Asset Management)亚洲信贷负责人班尼特(Scott Bennett)说，新规定旨在给房地产需求降温，而不是旨在削弱发行者的信用资质。然而，由于预计中国将采取进一步措施以努力给房地产市场降温，投资者将谨慎行事。
