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Chinese automakers tap bond market for funding amid industry downturn


Chinese automakers' bond issuance surged more than 80 per cent in the first seven months of this year, with some companies tapping the bond market for the first time in a decade, in a move to ease funding strains amid a downturn in the world's largest car market.

SAIC Motor, China's biggest automobile manufacturer based in Shanghai, said last week that it plans to issued no more than 20 billion yuan worth of bonds in the domestic market . . .

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