China restricts overseas borrowing by developers
Updated: 2011-08-11 16:05
(Agencies)
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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.
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