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Macquarie Plans $145M China CMBS

BEIJING-Macquarie Bank and Dalian Wanda Group team up to offer investors a $145-million CMBS--the first dollar-based bond issued in the country.

By Anita Howarth | Updated on September 07, 2006

(To read more on the debt and equity markets, click here.)

BEIJING-Macquarie Bank and Chinese real estate company Dalian Wanda Group plan to sell the first dollar-denominated Chinese commercial property bond in a move that would give investors indirect access to China’s booming real estate sector. The $145-million CMBS will be sold through a joint venture dubbed Dynasty Assets.

The Chinese government was historically reluctant to encourage securitization. But last year China Construction Bank sold the country’s first residential MBS. With that door now open, the Macquarie-Dalian CMBS may provide an alternative means of financing for the Chinese banks at a time when the government is trying to reduce exposure to property.

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