中国高收益美元债券正朝着一年多来最差单周表现迈进，因国有大型企业珠海华发集团出现流动性紧张迹象，打击了市场情绪。
China’s high-yield dollar bonds are heading for their worst week in more than a year as signs of liquidity strains at state-owned conglomerate Zhuhai Huafa Group Co. sapped sentiment.
据彭博指数显示，截至周四，中国高收益美元债券平均价格本周下跌约1.9美分，有望录得自2025年4月以来最大单周跌幅。周五早盘市场出现部分回升迹象，据两位信用交易员透露，部分国资支持的开发商发行的离岸债券价格上涨约1美分。
The average price of Chinese high-yield dollar bonds dropped about 1.9 cents this week through Thursday, setting it up for the biggest one-week decline since April 2025, according to a Bloomberg index. The market showed signs of a partial recovery early Friday, with the prices of some offshore notes sold by state-backed developers rising about 1 cent, according to two credit traders.
本周高收益债券抛售步伐加快，此前知情人士透露，华发正与债权人商谈推迟部分债务偿付。惠誉评级本周表示，因再融资风险上升，已将该公司列入负面观察名单。华发由广东省地方政府100%持股，去年约一半收入来自房地产开发和城市运营。
The selloff in high-yield bonds gathered pace this week after people familiar with the matter said Huafa was in talks with creditors to push back some of its debt payments. Fitch Ratings said this week that it had placed the company on negative watch due to heightened refinancing risks. Huafa is 100% owned by local governments in Guangdong province and derived about half of its revenue from property development and urban operations last year.
资产管理公司Forest Capital Hong Kong Ltd.联合创始人李欢表示：“中国高收益债券市场大幅抛售，压力蔓延至其他中国大型企业发行的信用债。机构不仅在抛售华发债券，也在抛售其他较弱的广东发行人以及债券更易变现的类似公司债券。” 华发2027年12月到期的离岸人民币债券本周前四个交易日暴跌逾40%，周四跌至面值54%的困境水平。知情人士称公司已偿还一款逾期信托产品的部分投资者款项后，该债券周五早盘收复部分跌幅，报面值约58%。
“China’s high-yield bond market has sold off sharply, with pressure spreading to credit bonds issued by other large Chinese companies,” said Li Huan, co-founder of asset manager Forest Capital Hong Kong Ltd. “Institutions are selling not only Huafa but also weaker Guangdong issuers and similar companies whose bonds are easier to sell.”Huafa’s offshore yuan bonds due in December 2027 tumbled by more than 40% in the first four days of this week to a distressed level of 54% of face value on Thursday. The notes pared some of their recent losses to trade at about 58% of their par value on Friday morning, after a person familiar with the matter said the company has repaid some investors holding one of its overdue trust products.
以珠海华发大厦等地标建筑闻名的华发股份报告称，2025年总亏损达169亿元人民币（约合25亿美元）。该公司将盈利波动归咎于房地产行业下行，截至3月，其计息负债约为620亿美元。
Huafa, which is known for landmark buildings such as the 330-meter-high Zhuhai Tower, reported a total loss of 16.9 billion yuan ($2.5 billion) for 2025. The company has blamed the real estate downturn for its profitability swings and had about $62 billion of interest-bearing liabilities as of March.