Developers’ Borrowing Plunges 70% in January as Market Cools

Chinese property developers’ borrowing declined 70% in January from a year ago, highlighting the sector’s fundraising struggles despite recent easing signs from regulators.

Developers’ fundraising through all channels totaled 79.2 billion yuan ($12.4 billion) in January, a 16.6% decline from December, according to data from China Index Academy Ltd., a research organization specializing in real estate. Property companies raised 266.5 billion yuan in January 2021 and 224.7 billion yuan in January 2020.