HONG KONG — Even a government bond guarantee won’t be enough to avert a crisis of confidence for one of China’s property developers, which this week struggled to convince investors. invest that they can repay.
In the first day of this month, CIFI Holdings (Group) Co. one of the country’s top 20 developers by contract of sale, has issued the equivalent of $167 million in new yuan-denominated bonds. insured against default by a government-backed organization. It is part of a group of six real estate firms that have been selected to participate in a pilot program designed to help private sector developers raise money and provide investors with assurance. told them they would get their money back.