摩根大通：中国房地产_为非国有企业重启离岸债券市场

Asia Pacific Corporate Research 11 June 2025 China Property Reopening offshore bond market for non-SOEs? According to Bloomberg, Seazen may become the first non-SOE developer in two years to issue USD bonds, suggesting a potential reopening of the offshore bond market for non-SOEs. From an equity perspective, we see this more as a symbolic gesture than a restorative move that could bring the company totally out of the woods. Due to high costs (potentially 11-13%), we think better alternatives to refinance o ...