China’s Defaulted Developers Soar 200% in Speculative Frenzy
中国违约开发者在投机狂潮中飙升 200%
- Shimao and Sunac climb more than 200% in five trading days
世茂和融创在 5 个交易日内上涨超过 200% - Some dollar notes of Sunac and Cifi also jump in the frenzy
融创和旭辉的一些美元纸币也加入了这一狂潮
Shares of Chinese property developers rallied like never before after Beijing joined its so-called tier-one city peers to ease rules for homebuyers, following the Asian nation’s call to put a floor under the property market decline.
在北京加入其所谓的一线城市同行，放宽对购房者的规定后，中国房地产开发商的股价以前所未有的方式上涨，此前这个亚洲国家呼吁为房地产市场的下跌奠定基础。
A Bloomberg Intelligence gauge of Chinese real estate stocks surged as much as 31% — a record — on Wednesday, following the Monday announcement that the nation’s capital will make it easier for non-residents to buy property in core areas and cut minimum down payment ratios. The index has risen 92% over the last five trading days.
彭博智库（Bloomberg Intelligence）衡量中国房地产股的一项指标周三飙升了31%，创下历史新高，此前彭博智库周一宣布，中国首都将使非居民更容易在核心地区购买房产，并降低最低首付率。该指数在过去五个交易日上涨了 92%。
During the same period, stocks of some of defaulted developers — including Shimao Group Holdings Ltd. and Sunac China Holdings Ltd. — have surged more than 200% each. Huarong International Financial Holdings Ltd. rose as much as 463% on Wednesday alone.
同期，包括世茂集团控股有限公司和融创中国控股有限公司在内的一些违约开发商的股票分别飙升了 200% 以上。华融国际金融控股有限公司仅在周三就上涨了 463%。
China’s stimulus blitz has sent the market’s assets soaring in recent days, and the euphoria continued in Hong Kong on Wednesday, when it reopened after a holiday. Led by property developers, the Hang Seng China Enterprises Index jumped as much as 8.4% for a 13th day of gains, its longest streak since January 2018.
最近几天，中国的刺激闪电战使市场资产飙升，周三香港在假期后重新开放时，兴奋情绪仍在继续。在房地产开发商的带领下，恒生中国企业指数上涨 8.4%，连续第 13 天上涨，这是自 2018 年 1 月以来最长的连涨纪录。
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“Resolute stance of rescuing property markets from top central government officials, coupled with wealth effect from recent strong rallies of stocks markets, should improve market sentiment and lead to a better sales ahead,” said Raymond Cheng, head of China property research at CGS International Securities Hong Kong. “The tier-one or top-tier cities will be the first batch of cities benefiting from strong sales recovery.”
“从中央政府高级官员手中拯救房地产市场的坚决立场，加上近期股市强劲反弹带来的财富效应，应该会改善市场情绪，并带来更好的销售，”银河国际证券香港中国房地产研究主管郑伟文表示。“一线或一线城市将是第一批受益于强劲销售复苏的城市。”
In the US, trading of bullish bets on KE Holdings Inc. — a proxy for the Asian nation’s property market — surged on Tuesday to a record of almost 146,000 calls. October contracts with strikes of $30 — 51% above the previous close — were the most active, followed by October $26 calls.
在美国，对 KE Holdings Inc.（这个亚洲国家房地产市场的代表）的看涨押注交易周二飙升至创纪录的近 146,000 份看涨期权。行权价为 30 美元的 10 月合约（比前一收盘价高出 51%）最为活跃，其次是 10 月的 26 美元看涨期权。
The bullish trading sent the cost of betting on further gains to a record high relative to puts protecting against declines. As of the last close, there were four times more calls outstanding than puts.
相对于防止下跌的看跌期权，看涨交易将押注进一步上涨的成本推至历史新高。截至上次收盘时，未平仓看涨期权是看跌期权的四倍。
Some dollar notes of Sunac jumped by as much as 16% in the past five days, while those by Cifi Holdings Group Co. climbed 9% — though still at deeply distressed levels of less than 10 cents on the dollar. Shimao’s dollar bonds were little traded as the company is in the process of coming up with a debt restructuring plan.
过去五天，融创的一些美元票据上涨了 16%，而 Cifi Holdings Group Co. 的一些美元票据上涨了 9%，尽管仍处于不到 10 美分的深度低谷水平。世茂的美元债券交易很少，因为该公司正在制定债务重组计划。
While the mood in the market was soundly positive on Wednesday, Morgan Stanley analysts had a word of caution.
虽然周三市场情绪非常乐观，但摩根士丹利分析师对此持谨慎态度。
“The recent measures will help stabilize the property market, but lifting prices and reviving demand will be challenging,” analysts led by Chetan Ahya wrote in a note. “The continued drag from the property sector will leave a sizable shortfall in demand behind, keeping growth below target.”
“最近的措施将有助于稳定房地产市场，但提高价格和恢复需求将具有挑战性，”以 Chetan Ahya 为首的分析师在一份报告中写道。“房地产行业的持续拖累将使需求出现相当大的缺口，使增长低于目标。”
— With assistance from Lorretta Chen
— 由 Lorretta Chen 协助
中国购房者在缓和后午夜考察展厅
