Alarmed by Evergrande, China's lenders hold back on new credit for property developers
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Evergrande's Problems Prompt China's Banks, Insurers to Pull Back on New Credit for Property Developers
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China to order developers to disclose commercial paper debt every month - sources
By Clare Jim
Reuters
HONG KONG (Reuters) - Chinese regulators want property developers to disclose details of rapidly growing commercial paper issuance in their monthly reports, said three sources, as part of Beijing s move to rein in ballooning debt in the property sector as the economy slows.
Real estate developers in the world s second largest economy are major issuers in the commercial paper market, which saw new issues worth 3.6 trillion yuan ($556.00 billion) in 2020, up 20% from 2019.
Commercial paper, which is not counted as interest-bearing debt, is commonly used in the property sector as a payable that promises construction suppliers a payment on a future fixed date, usually within one year, though the suppliers sometimes sell the paper before maturity at a small discount in the secondary market.