(Yicai Global) Nov. 30 -- Chinese authorities have this month reportedly approved plans by real estate developers to issue bonds worth more than a total CNY100 billion (USD14.4 billion), with almost a third of that sanctioned in the past few days.

The developers seeking financing include three state-owned firms: Shenzhen's Gemdale Group, Guangzhou's Poly Developments and Holdings Group, and Beijing Capital Land, China News reported on its website yesterday. Poly Developments will issue CNY10 billion of notes maturing in two years, while Beijing Capital Land plans to raise half that.

The intensive release of financing plans shows that the need for capital among developers is increasing, the report cited Zhang Dawei, Centaline Property Agency's chief analyst, as saying. Property sales have slowed in the past few months, just as firms prepare for a peak debt repayment period this year and next due to earlier excessive investments, Zhang added. 

Bond issues may not be enough to satisfy their funding needs. Tight liquidity in the sector has not fundamentally changed because regulators continue to strictly control the flow of bank credit and trust funds into real estate, according to market insiders. 

Editor: Emmi Laine