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Property financing falls in May
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CHINA’S major property firms saw their financing slump in May as costs rose and the market cooled due to tightened government regulation.
Forty major listed property developers secured 45.1 billion yuan (US$7 billion) in total financing last month, down 41.3 percent from a month earlier and the lowest level in a year, according to Shanghai-based real estate consultant firm Tospur.
The companies issued 4 billion yuan of corporate bonds in the domestic market, down 65.5 percent month on month, and 1.8 billion yuan overseas, down 94.8 percent.
Local governments have rolled out measures to rein in surging home prices to defuse economic risks, curb property speculation, and tighten scrutiny on funds pumped into real estate developments.
Property development investment in China rose 10.3 percent annually for January-April, a dip from 10.4 percent in the first quarter, the National Bureau of Statistics said.
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