Feb 18, 2022 04:10 AM

FINANCE

Chinese Banks to Sell $3.94 Billion of Bonds for Real Estate Deals

By Peng Qinqin and Denise Jia

Sales of China’s top 100 property developers fell 39.6% year-on-year by value in January.

Sales of China’s top 100 property developers fell 39.6% year-on-year by value in January.

At least four Chinese banks reported plans to issue 25 billion yuan ($3.94 billion) of bonds to fund real estate acquisitions as Beijing steps up efforts to stabilize the crisis-hit property sector.

Shanghai Pudong Development Bank Co. plans to borrow 5 billion yuan by selling three-year bonds to finance real estate project acquisitions, the bank said Jan. 21.

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