Women's Cody Whitehair Jersey



Women's Cody Whitehair Jersey

Postby lindang56 » 18 Dec 2018, 08:55

Chinese developers such as China Vanke and Country Garden are increasingly turning to the securitisation market as an alternative fund-raising channel as the onshore bond market remains mostly inaccessible.


Property companies are in particular stepping up the securitisation of receivables from property sales Bears James Daniels Jersey , providing them with funds to develop other projects.


The securities took off when Chinese regulators made it harder for developers to sell onshore corporate bonds late last year in a bid to help cool an overheating real estate market.


The issuing of such products more than tripled in the first seven months of this year from a year ago, according to data by China Securities Research.


More than 11 Chinese developers have issued or announced plans this year to issue securities backed by sales receivables Bears Roquan Smith Jersey , including China Vanke <000002.SZ>, Greentown China <3900.HK> Women's Hroniss Grasu Jersey , and the state-owned Beijing Capital Land <2868.HK>, up from around six last year.


Developers typically record revenue in their books 12-24 months after contracted sales Women's Jonathan Bullard Jersey , when they actually transfer the property ownership to the buyers and pocket the proceeds. The asset-backed securities allow them to cash in on those receivables early.


"Chinese policies often change. If you rely on a simple channel, once policy changes Women's Eddie Goldman Jersey , it will affect our cashflow so we have to explore other channels," said an official of Greentown Women's Kevin White Jersey , which issued 1.6 billion yuan worth of the securities this month, referring to the crackdown on debt. The official requested anonymity because he was not authorized to speak to media.


Beijing Capital said that the securities provided a cheaper financing option for the company. Vanke said it considered the securities to be low cost and low risk.


Rates of the securities issued in the last two years were around 5 to 7 percent Women's Cody Whitehair Jersey , slightly higher than onshore corporate bonds. The securities usually have short maturities of 2 to 4 years, and range in size from 1 to 5 billion yuan. The securities are listed in stock exchanges and traded among banks and institutional investors.
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