June 27, 2018 / 11:13 AM / 20 days ago

China to regulate foreign debt issuance by property developers

BEIJING, June 27 (Reuters) - China state planner said on Wednesday it would restrict real estate developers from using funds raised via foreign debt for real estate investments or for their working capital.

Foreign debt issuance by property developers should be used to pay back maturing debt to avoid defaults, the National Development of Reform and Commission said in a statement on its website, warning that their overseas debt issuance has been increasing rapidly. (Reporting by Beijing Monitoring Desk)

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