This time last year doom was being predicted for China’s property developers. The economy was slowing and officials were clamping down on what was, at the least, a frothy housing market. This year the curbs continue but have not stopped some of the biggest developers from raising a combined $5.4bn last month – almost half what they borrowed in the whole of last year.

Why the rush? These are bond market habitués who know how to take what they can, while they can. The new year hunger for yield has allowed the mostly junk-rated groups to borrow for longer as well as for less. Take Longfor. It raised $500m in 10-year funds at 6.75 per cent, against $400m at 6.875 per cent for seven years as recently as October.

This is where the funding circle gets virtuous: equity investors like having the funds sewn up, and bondholders are happy that shareholders are confident. The result is that, during the past six months, Hong Kong-listed developers tapping the bond markets have seen their shares gain between 15 and nearly 50 per cent.