Goldman Sachs Kenneth Ho on China's Credit Market

The video discusses China's gradual easing measures to stabilize the property sector, highlighting potential returns and risks in China property. It explores strategies for companies to manage bond repayments and suggests investment strategies in Asia credit markets, focusing on avoiding extremes. Opportunities in investment grade and high yield sectors, including Macau gaming, are also discussed.

What is the primary focus of China policymakers in the medium term regarding the property sector?

• Reflating the entire property sector

• Deleveraging

• Increasing property prices

• Reducing property taxes

What is a potential strategy for companies to meet bond maturities in the first quarter of next year?

• Reducing workforce

• Expanding into new markets

• Increasing property prices

• Issuing RMB bonds onshore

What is the suggested strategy for navigating the broader Asia credit markets?

• Focus on the best and worst parts

• Avoid the best and worst parts

• Invest only in high yield sectors

• Concentrate on government bonds

In which countries are triple B corporates considered to offer good value?

• Vietnam and Philippines

• India and Indonesia

• Hong Kong, China, Malaysia, Thailand

• Japan and South Korea

Which sector is considered to have attractive opportunities outside of China property high yield?

• Japanese automotive

• US healthcare

• European technology

• Macau gaming

What is the expected return for non-China property markets next year?

• 8.8%

• 0%

• 10%

• 5%

What is a key factor contributing to the attractiveness of Macau gaming sector?

• Strong local currency

• Stable political environment

• High yield availability

• Low regulatory risks