Hong Kong bond issue for Logan

Hong Kong-listed Chinese developer Logan Property has launched a high-yield bond in a bid to raise $300m. A raft of banks including Citigroup, Deutsche Bank, HSBC, Goldman Sachs, JPMorgan and VTB Capital are joint book runners and arrangers on the placement. The 11.25%-coupon, five-year notes will be listed on the Hong Kong stock exchange. Bloomberg said Chinese developers’ bond sales have halved this year following the collapse of Zhejiang Xingrun Real Estate in April.