China Builder Greentown’s Dollar Bond Sale May Reopen Market

A rare dollar bond sale from one of China’s stronger developers will be a key test of appetite for the embattled sector.

Greentown China Holdings is kicking off a sale of a “credit enhanced” green dollar bonds, according to a person familiar with the deal who is not authorized to speak about it publicly. The note has a standby letter of credit (SBLC) guaranteeing the debt from China Zheshang Bank Co., the person said.

Robust demand for Greentown’s debt sale, the nation’s seventh-largest developer, could open the market for a wave of new issuance and help ease concern over a ...