BEIJING, Sept. 1 (Xinhua) -- China's real estate developers raised more than 65.9 billion yuan via bond financing at home last month, up 5.1 percent year on year, according to data from the research center of Centaline Property on Monday.
Their feverish August bond financing extended their financing boom since May this year. From May to July, China's property developers hailed increasing financing figures each month and financed 42.5 billion yuan, 44.8 billion yuan and 71.2 billion yuan respectively.
In the last week of August, many of them chose to issue corporate bonds, mid-term notes, super and short-term commercial papers to obtain fund, including 6.4 billion yuan of planned corporate bond issued by HuaYuan Property Co., Ltd., 2.0 billion yuan of mid-term notes issued by Overseas Chinese Town Holdings Company and 1.8 billion yuan of mid-term notes issued by Jiangsu Zhongnan Construction Group Co., Ltd. (000961.SZ).
In August, China's real estate firms also financed heavily from overseas market, with their U.S. dollar-denominated bond offerings up 176 percent year on year to 6.56 billion U.S. dollars.
Zhang Dawei, chief analyst with Centaline Property thought it was relatively easy and a good timing for China's property developers to finance at present given the low financing costs, which stood at around five percent and were largely lower than the interest rates level in the same period of last year. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
A single purchase
