As China’s Top Developers Plan Debt Sales Under Aid Plan, Weakest Miss Out

Several Chinese property firms are preparing to raise funds through debt sales under a state-backed financing support program, but developers that have defaulted aren’t among them, a sign of mixed progress as Beijing seeks to prop up the country’s flagging real estate market and check the contagion of default risks.

China Vanke Co. Ltd. (000002.SZ) and Gemdale Corp. (600383.SH), two of the largest property developers in the country, are applying to issue 28 billion yuan and 15 billion yuan, respectively, in debt with state support, the National Association of Financial Market Institutional Investors (NAFMII), announced on Tuesday.