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China Developers Get Share-Sale Approval in Rules Shift

Two Chinese developers received regulatory approval for new-stock sales, the first the government has allowed by real estate companies in about four years, after home sales fell and a developer collapsed.

The China Securities Regulatory Commission said yesterday Tianjin Tianbao Infrastructure Co. and Join.In Holding Co. are allowed to sell yuan-denominated A shares in private placements, according to separate statements to Shanghai and Shenzhen stock exchanges. The 142 mainland-listed developers may see an average 3 percent increase in profits this year if the resumption of stock offerings cuts borrowing costs by 1 percentage point, according to estimates by Ping An Securities Co. today.