A number of developers have already issued into the offshore
China eases offshore and onshore bond issuance curbs for property firms
HONG KONG/SHANGHAI, July 18 uk canada goose outlet (Reuters) China has Canada Goose online relaxed curbs canadian goose jacket on property firms seeking funds in offshore and onshore bond markets, people familiar with the matter say, a move that could allow fresh capital into Canada Goose Coats On Sale a sector that has struggled to refinance after a slew of tightening measures.
Since late last year, regulators have made it harder for developers to sell onshore corporate bonds cheap canada goose uk in canada goose a bid to help cool buy canada goose jacket an overheating property market. Separately, the National Development and Reform Commission (NDRC) stopped canada goose clearance sale granting new quotas for offshore dollar bond issuance in the second quarter of this year. A number of developers have already issued into the offshore market canada goose uk outlet in recent weeks.
are no written words, but the message was canada goose coats on sale communicated in meetings with officials.
Meanwhile, three developers told Reuters they can once again apply for onshore issuance with the China Securities Regulatory Commission, the agency responsible for onshore Canada Goose sale bond oversight.
New regulations governing many Canada Goose Jackets land auctions and setting limits on home prices in some mainland cities are threatening many developers business models, which in turn is hurting their cashflow.
If liquidity continues to canada goose factory sale be tight, companies and analysts said the market might start to see bond defaults next year when many bonds reach maturity, especially in the onshore market.
According to the NDRC website, 10 property companies, including Longfor, Country Garden, CIFI Canada Goose Outlet and Greentown China have been given the green light since June 23. Five have already completed their bond issuance.
Neither the canada goose uk black friday NDRC nor the CSRC replied canada goose clearance to a request for comment.
However, one of the developers that applied to issue offshore cheap Canada Goose said that the amount approved was less than uk canada goose what the company had sought, a sign regulators are still keeping a tight rein on financing in the property sector.
seems to be some progress for approvals after the hiatus although further approvals still seem uncertain at this canada goose uk shop point. We think that for refinancing and more solid developers, approvals will still be forthcoming but it won be a floodgate situation, S analyst Christopher Yip.
For Canada Goose Online onshore bonds, developers such as China Vanke and Shanghai Shimao announced the sale of corporate bonds earlier this month, although both were using a 2015 quota so required fresh approval from the CSRC for the issuance. Agile also sold 3 billion yuan bonds last Wed.
tightening seems to have relaxed a bit in May, they now resume the review process and our application is waiting to do that now, said a state owned developer.
Developers buy canada goose jacket cheap are looking for alternative refinancing canada goose store channels after the bond window at the main exchange was shut for months.
Beijing Capital Land Ltd said on Friday it plans to sell a canada goose black friday sale bond canada goose coats worth up to 2 goose outlet Canada Goose Parka billion yuan on the Beijing Financial Assets Exchange (CFAE), a canadagooseparks listing where CSRC approval is not required.