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CHINA PRESS: The National Development and Reform Commission (NDRC) doesn't
support real estate developers selling bonds to finance commercial projects, the
China Economic Herald, a newspaper run by the NDRC, reported on Thursday to
clarify a misinterpretation of government policies.
- The NDRC said yesterday that it will give priority to companies applying to
issue bonds with good credit standing and stable operations that play a leading
role in industrial restructuring, the newspaper said.
- The NDRC will only support bond financing for housing projects in areas
limited to urban renewal, affordable housings and rental housings, the newspaper
***Comment: The NDRC was careful not to stoke another property bubble. Some in
the market earlier interpreted the policy as a greenlight for commercial
developers to increase working capital and accelerate project development.