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Chinese property developers have made an aggressive return to Asia’s dollar-denominated debt market as the country’s top economic planner allows more offshore deals.
中国房地产开发商已经大举重返亚洲的美元债务市场，原因是中国最高经济规划机构放行更多离岸交易。
The National Development and Reform Commission has started to approve more developers for offshore bond issuance after slowing the process at the start of the year, according to two people familiar with the matter.
据两名知情人士透露，继今年初放慢审批进程后，国家发展和改革委员会已开始批准更多开发商在境外发行债券。
The NDRC, which approves issuance, along with other regulators, held up some approvals due to fears the country’s housing market was once again overheating.
负责审批债券发行的国家发改委和其他监管机构，此前因担心国内楼市再度过热而阻止了一部分发行交易。
One debt capital markets banker at a Chinese bank in Hong Kong said the shift in NDRC treatment of developers likely occurred at the end of last month, coinciding with the closing of China’s Communist party congress.
香港一家中资银行的一位债务资本市场银行家表示，国家发改委对开发商态度的转变很可能发生在上月底，也就是中国共产党十九大闭幕之后。
The person noted that the change had led to a number of new debt deals for developers in the pipeline.
这名人士指出，这一变化已导致开发商排队申请进行多笔新的发债交易。
Offshore debt issuance by Chinese property developers hit a low mark for 2017 in October, with just $502m in issuance, down 57 per cent from last year, according to data from Dealogic.
Dealogic数据显示，10月份中国房地产开发商离岸债券发行量创2017年新低，仅为5.02亿美元，同比下降57%。
Since the start of the month, a number of large property developer deals have returned to the market.
自本月初以来，好几笔大型房地产开发商债券发行重返市场。
On November 2, Vanke Real Estate priced a $1bn 10-year bond at 3.98 per cent. In the first 11 days of November, Chinese developer deals, valued at $2.97bn, have priced in the offshore market, surpassing the figure for the whole of last November.
11月2日，万科地产香港将一笔10年期的10亿美元债券发行定价3.98%。在11月的前11天，价值29.7亿美元的中国开发商债券发行已在离岸市场定价，超过了去年11月全月的数字。
“It’s good news because the offshore market has been the biggest source of refinancing for many Chinese developers,” said Wendy Liu, an analyst at UOB Kay Hian in Shanghai.
“这是个好消息，因为离岸市场一直是许多中国开发商再融资的最大来源，”大华继显证券(UOB Kay Hian Securities)常驻上海的分析师Wendy Liu表示。
China’s economic planners became concerned that China’s property market was again overheating at the end of last year. Since then, regulators have increased some controls on house sales, sending the shares of listed property developers tumbling in Hong Kong in September.
中国经济规划者在去年底担心中国房地产市场再度过热。此后监管机构加大了对房屋销售的控制力度，使得在香港上市的房地产开发商的股票在9月份大跌。
In response, the mainland residential property market has cooled off, Ms Liu said.
Wendy Liu表示，其结果是，内地住宅市场已有所降温。
The cost of new housing in China rose at its slowest pace in 17 months in September. Transaction value for residential real estate declined for the first time this year in October, coming down 1.7 per cent year on year, according to data from UOB.
9月份，中国新建住房价格以17个月来最慢速度上涨。根据大华继显的数据，10月份住宅房地产交易额出现今年以来首次下降，同比降幅达1.7%。
The size of the Asia dollar debt market, excluding Japan and Australia, has more than quadrupled since 2005, and issuance in 2017 has hit record highs.
除日本和澳大利亚外的亚洲美元债券市场的规模自2005年以来翻了两番多，2017年发行量创下历史新高。
