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2018-05-29 — bloomberg.com
China Energy rose to prominence earlier this year when it pulled out of a $5.2 billion deal to buy a Hong Kong skyscraper from Li Ka-shing's company, after making an unsuccessful bid for Australian oil and gas explorer AWE Ltd.
The company's refinancing woes show China's deleveraging efforts are taking a toll on funding for the corporate sector, particularly via a crackdown on shadow financing. The yield spread on three-year AA rated bonds, considered high-yield in China, over top-rated peers has risen 28 basis points this year to the highest since June 2017.
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