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Top regulator greenlights 15 companies for foreign debt issuance

Updated: Jul 31,2018 4:36 PM

China’s top economic regulator greenlighted 15 companies for foreign debt issuance amid market concerns for possible tightening up trend for future approvals on July 31.

Beijing-based conglomerate China Poly Group Corporation, the real estate developer Greenland Group and Inner Mongolia’s M-Grass Ecology and Environment are among the companies given the approval.

The announcement came at the time when market participants have concerns for the tightening trend, in particular property developers, as they might find it hard to get financing in the offshore bond market as the government is expected to strengthen scrutiny for bond issuance to control risks.

The National Development and Reform Commission, the regulator for foreign debt issuance, issued a slew of guidelines since late last year to control risks led by massive buying spree.

In an earlier announcement, the commission said real estate firms should issue new dollar-denominated bonds to repay debt.