China’s Real estate developers slammed aftermarkettightens
Shares of Chinese real estate developers were under pressure on Monday after reports that regulators plan to restrict access to funding through the bond market, reflecting the latest move to cool a property market that has been heating up since early this year. The bond financing halt, could be a blow to developers who count on the bond market as a major financing channel, aside from direct bank loans, shadow banking and offshore funding. The 40 top property developers monitored by Shanghai based Tospur Consultancy raised 47.3 billion yuan (US$6.9 billion) through corporate bonds in April alone, accounting for 63 per cent of the total funding.
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