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CSRC and land ministry review developers' funding proposals
By Cao Qian |
April 26, 2010, Monday
|
Online Edition
Online Edition
CHINA'S securities watchdog has joined forces with the country's land ministry to review fund-raising plans by real estate developers as the country steps up efforts to prevent asset bubbles.
The China Securities Regulatory Commission has already sent financing requests from 41 companies to the Ministry of Land and Resources for review of land-use compliance, the official Xinhua news agency reported on Friday, citing an official with the CSRC.
Companies planning to invest in real estate through equity financing are subject to reviews by the land ministry while companies with real-estate business that are planning to pay back bank loans or boost operating capital are also required to submit equity financing plans to the ministry, according to the securities regulator.
Official comment on companies' financing plans will be provided to the CSRC by the land ministry after it finishes careful studies on whether land plots are legally acquired, whether there are cases of land being left idle or delayed payments, and whether there are any illegal changes in land use.
Initial reviews of 25 out of the 41 companies have already been completed, the CSRC official said.
The cooperation between the country's securities regulator and the land ministry will make financing more difficult for real estate companies, and the reviews will probably become a regular practice and slow developers' financing plans, Su Xuejing, a chief real estate analyst with Changjiang Securities, told Securities Daily earlier.
The China Securities Regulatory Commission has already sent financing requests from 41 companies to the Ministry of Land and Resources for review of land-use compliance, the official Xinhua news agency reported on Friday, citing an official with the CSRC.
Companies planning to invest in real estate through equity financing are subject to reviews by the land ministry while companies with real-estate business that are planning to pay back bank loans or boost operating capital are also required to submit equity financing plans to the ministry, according to the securities regulator.
Official comment on companies' financing plans will be provided to the CSRC by the land ministry after it finishes careful studies on whether land plots are legally acquired, whether there are cases of land being left idle or delayed payments, and whether there are any illegal changes in land use.
Initial reviews of 25 out of the 41 companies have already been completed, the CSRC official said.
The cooperation between the country's securities regulator and the land ministry will make financing more difficult for real estate companies, and the reviews will probably become a regular practice and slow developers' financing plans, Su Xuejing, a chief real estate analyst with Changjiang Securities, told Securities Daily earlier.
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