China’s top economic planning commission is giving global fixed income investors a headache on property developer debt.
The National Development and Reform Commission has acted as a watchdog for offshore debt issuance by Chinese companies since 2015, requiring issuers to effectively gain its approval before going to the market.
Last year, the NDRC shut Chinese property developers out of the market for several months because of concerns over mounting offshore debt. The regulator last month considered requiring companies to seek approval for bonds maturities shorter than a year, which up until now have been free from NDRC supervision.
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