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Property sector drives China groups to borrow overseas

Chinese companies have embarked on an unprecedented borrowing spree in international bond markets, a trend driven by property developers starved of credit by state-owned banks.

Mainland groups have borrowed $12.2bn from international investors so far this year – more than five times the amount secured over the same period last year, according to data provider Dealogic.

Dealmakers say that within a couple of months the total will break the record $15.8bn that Chinese companies raised from offshore bond sales in 2010.

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