The CSRC issued guidance on capital‑market support for new real estate
development models, saying it will tighten securities‑issuance access for
property developers and emphasize project‑based financing. For listed
developers’ refinancing the regulator will scrutinize funds management, land
acquisition, project construction and sales internal controls, and the legality
of project development, registered‑capital contributions and corporate
qualifications. For share issuances or targeted convertible bonds used to
purchase property assets it will focus on legality of the target asset business,
reasonableness and fairness of valuation, and whether the deal improves
listed‑company quality. For corporate bonds by developers it will assess project
compliance, profitability and the reasonableness of funding needs. For ABS it
will focus on asset ownership status and cash‑flow stability. For REITs it will
focus on property ownership and permits, operating‑model maturity and
sustainable operating capability.
