To calm the property market, China has virtually suspended all fundraising plans by developers for over a year, whilst ordering banks to cut lending to real estate firms.
"All refinancing applications from listed developers have to be approved by the Ministry of Land and Resources," said Zheng Li, a senior official at the China Securities Regulation Commission.
They don't mention why off-shore fundraising is being tolerated.
In other, not fully implemented news, the total value of first quarter home sales rose 27% from the same quarter last year.
China Home Sales Rise in 1st Quarter Defy Intensified Curbs
“While these growth rates are below ones seen in early 2010, they remain high relative to what developers are reporting and what the policy tightening would have suggested,” Citigroup Inc. analysts including Ken Peng said in a report today. “We see this as a sign that the tightening probably has not yet been fully implemented at the local level. ”