No easing off in property crackdown
By Richard Fu |
November 27, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S securities regulator hasn't approved any restructuring plan from property firms this year as the nation curbed financing to real estate developers to clamp down on speculation and prevent an asset price bubble.
The central government in April announced measures which require developers to submit their initial share sale applications as well as plans for additional fundraising and restructuring to the Ministry of Land and Resources as part of a review of land-use compliance.
The China Securities Regulatory Commission, which has the final say on restructuring applications, last month said it has suspended receiving new restructuring applications from property developers, and sent those already submitted to the land ministry for a review. So far the ministry has not responded.
The CSRC hasn't approved any restructuring applications from property firms this year, the China Securities Journal said yesterday, citing Zhuang Xinyi, vice chairman of the CSRC.
China Vanke Co, the nation's biggest listed developer, yesterday fell 2.02 percent to 8.23 yuan (US$1.24) in Shenzhen trading while Poly Real Estate Group, the second-largest, tumbled 3.11 percent to 12.47 yuan in Shanghai. Only 79 of China's more than 80,000 property developers are publicly traded.
Chinese developers raised 5.7 trillion yuan in 2009, up 44.2 percent year on year. To cool property prices the government has banned mortgages for third-home purchases and last month raised interest rates for the first time in three years.
The central government in April announced measures which require developers to submit their initial share sale applications as well as plans for additional fundraising and restructuring to the Ministry of Land and Resources as part of a review of land-use compliance.
The China Securities Regulatory Commission, which has the final say on restructuring applications, last month said it has suspended receiving new restructuring applications from property developers, and sent those already submitted to the land ministry for a review. So far the ministry has not responded.
The CSRC hasn't approved any restructuring applications from property firms this year, the China Securities Journal said yesterday, citing Zhuang Xinyi, vice chairman of the CSRC.
China Vanke Co, the nation's biggest listed developer, yesterday fell 2.02 percent to 8.23 yuan (US$1.24) in Shenzhen trading while Poly Real Estate Group, the second-largest, tumbled 3.11 percent to 12.47 yuan in Shanghai. Only 79 of China's more than 80,000 property developers are publicly traded.
Chinese developers raised 5.7 trillion yuan in 2009, up 44.2 percent year on year. To cool property prices the government has banned mortgages for third-home purchases and last month raised interest rates for the first time in three years.
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