China's real estate bonds have been key to driving the performance of Asia junk bond funds, but this sector's market share has plummeted recently.
Fund managers are pivoting to other areas to fill the gap left by China real estate, but analysts say these replacements are unlikely to offer better yields than their predecessors.
With lower supply from China, interest in Indonesian high-yield has grown since the China property crisis.In the past, funds that were more overweight on China's real estate bonds outperformed those that had less weighting on Chinese property bonds, Ge said — but that is not the case anymore. Some are also seeing potential upside in real estate in Indonesia, which they expect to benefit from low mortgage rates and extended government stimulus to support the Covid recovery, said Ge.
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