Chinese property developers are using short-dated notes to circumvent official efforts to curb corporate leverage and deflate regional property bubbles.
The National Development Reform Commission, which regulates corporate bond sales, virtually closed the door in April on new offshore debt issuance by property companies. Some of China's most indebted home builders have nonetheless got around the restrictions by selling notes maturing in just under one year's time.
There is a lot of interest from issuers to sell those short-term bonds as they get the benefit of not having to go through the queue process and the timing constraint...
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