(Yicai Global) Feb. 10 -- Chinese property developers raised 70 percent less in bond financing last month from the same period last year as the financing environment remains tight following a number of defaults.

Chinese developers issued CNY48.1 billion (USD7.56 billion) in bonds in January, a 7 percent drop from the month before, according to the Beike Research Institute. Some 30 percent were overseas bonds, twice the amount sold in December, and the rest were domestic ones.

The average coupon rate of domestic bonds was 3.51 percent, down 54 basis points from December, the report said. The average rate for overseas bonds was 8.63 percent, an increase of 2.63 percentage points.

It has become harder for Chinese developers to find international investors willing to buy their debt following a series of defaults. Many have been downgraded to junk status by international credit agencies.

Editor: Tang Shihua, Kim Taylor