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Heilongjiang province bans developers from acquiring land with borrowed money

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The local government of Heilongjiang province in northeastern China bans property developers from acquiring land with borrowed money, in a move the cool the land market, help reduce leverage level in the sector and prevent systemic risks.

Real estate developers are required to promise before land bidding that they will pay for the land they bid with their own cash, instead of loans from financial institutions or funds from capital markets, according to a notice released by . . .

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