The China Securities Regulatory Commission issued a 12-point framework to shift property developer financing from reliance on corporate credit toward project-based assessments. It calls for equal treatment of developers under different ownership structures and supports financing for policy-compliant projects through equity offerings, corporate bonds, asset-backed securities, real estate investment trusts and private real estate funds. Listed developers may refinance and use shares, privately placed convertible bonds or cash to acquire property-related assets. The framework also supports commercial mortgage-backed securities, real estate asset-backed securities and REIT issuance or expansion backed by eligible rental housing and urban renewal projects, while cautiously advancing commercial property REITs. Regulatory measures include project-focused securities issuance reviews, closer scrutiny of accounting and disclosures, ongoing and look-through supervision of proceeds, and stronger enforcement against fraudulent issuance, false disclosures and misuse of funds. The commission will also strengthen coordinated oversight across equities, bonds and funds, manage developer delistings in an orderly way, and work with local governments on property bond defaults and risk resolution.
2026-08-28China Securities Regulatory Commission
China Securities Regulatory Commission sets out 12 measures to support project-based real estate financing
The China Securities Regulatory Commission has issued 12 measures to shift real estate developer financing toward project-specific assessments and expand access to refinancing, bonds, securitization, REITs and private funds. The framework also tightens disclosure, use-of-proceeds and look-through supervision, while strengthening arrangements for delistings and defaulted bond resolution.