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Financials

China suspends M&A deals of listed property firms

BEIJING, Oct 15 (Reuters) - China’s securities regulator said on Friday it had suspended the approval of mergers and acquisitions of listed property developers, making it more difficult for property developers to raise funds.

For deals that were already under regulatory review, the China Securities Regulatory Commission (CSRC) said on its website (www.csrc.gov.cn) it would seek advice from the Ministry of Land Resources.

China’s State Council, the cabinet, has already banned asset restructure deals at property developers with land hoarding and other irregular activities.

The authorities have taken steps in recent months to try to rein in the red-hot property sector.

Chinese property prices rose for the first time in four months in September, an indication that the market is ready to pounce on any let-up by the government in its crackdown on real estate speculation. [ID:nTOE69E00G]

For a factbox of China’s property policy changes, see [ID:nTOE69A02E] (Reporting by Zhou Xin and Kevin Yao; Editing by Toby Chopra)

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