(Yicai Global) Jan. 4 -- China’s property developers, represented by 100 typical firms, raised CNY1.3 trillion (USD202.4 billion) last year, according to a new report. That is the lowest amount in five year and the first drop over the same period.

The amount raised in 2021 was 26 percent below the previous year’s haul, the report published by real estate data cruncher China Real Estate Information Corporation showed today.

Looking ahead this year, CRIC said the financing environment for builders will continue to focus on maintaining stability, ensuring the normal financing needs of firms and promoting the sector’s virtuous cycle and healthy development.

Developers have CNY629.8 billion in corporate bonds maturing this year, 21 percent less than in 2021. But overall debt servicing pressure is still high, mainly because the amount of debt issued since the fourth quarter of 2020 is smaller than the amount due, and they have been under debt repayment since then.

The report revealed that new bond financing rates stood at 5.3 percent last year, down 1 percentage point from 2020. Offshore the rate fell 1.7 point to 6.9 percent, while onshore it edged 0.4 point lower to 4.1 percent.

The largest share of funds loaned to developers came from the domestic market last year, accounting for 49 percent. The amount shrank 30 percent to CNY635.1 billion, while overseas debt financing fell 27 percent to CNY340.9 billion.

The developers raised CNY11.2 billion and CNY5.8 billion from equity financing and perpetual bonds last year, down 77 percent and 88 percent on year, respectively, CRIC pointed out.

Founded in 2006, CRIC is a well-known real estate big data application service provider in China, serving more than 95 percent of the top 100 Chinese developers, and currently covers 387 cities.

Editor: Peter Thomas