China restricts overseas borrowing by developers
Updated: 2011-08-11 16:05
(Agencies)
|
|||||||||||
SHANGHAI - China has restricted overseas borrowing by domestic property developers in the latest move to cool the real estate market, the official Shanghai Securities News reported on Thursday.
The State Administration of Foreign Exchange (SAFE), China's foreign currency regulator, has banned domestic property firms from guaranteeing bond sales by their overseas subsidiaries, the newspaper reported.
The regulator has also lowered the maximum amount China-based banks can guarantee for overseas indebtedness, to a total of $76.4 billion for 2011, the article said.
The measures are aimed at curbing overseas money inflows and cooling the domestic property market, the newspaper said.
Related Stories
China penalizes property developer for pushing up housing prices 2011-03-29 09:57
Vanke's Wang becomes richest developer 2011-03-08 10:58
Singapore developer eyes affordable housing market in China 2011-02-23 11:00
High-end developer sees a greener future 2010-07-19 08:03
- China's July fiscal revenues rise 26.7%
- Tests find oil used by KFC not harmful
- China July cotton imports up 30.89% from June
- China set for massive rise in hotel numbers
- Hong Kong stocks fall 2.35%
- Media Markt plans larger network
- Shenhua Group in $8b Xinjiang coal projects
- Soybean imports set to maintain increase