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Developers brace for bond signoff

Business | May 19, 2017
Mainland property developers expect their offshore dollar bond issuance to all but grind to a halt soon despite a bumper start to the year as Beijing's bid to cool the property sector closes corporate access to the global debt market.

Some bankers and developers said the National Development and Reform Commission, which approves corporate debt issues, has virtually stopped granting new quotas for offshore bond sales this quarter.

That tightening follows Beijing's efforts in the second half of last year to slow corporate bond issuance by real estate developers in the onshore exchange market.

In April, more cities reported price drops or slower price gains compared with March, the National Bureau of Statistics said in a note that accompanied new price data released yesterday for 70 cities.

Prices for new units in Beijing in April grew at a slower pace on a monthly basis while Shanghai prices dropped 0.1 percent. Shenzhen prices were unchanged.

REUTERS



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