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Chinese developers such as China Vanke and Country Garden are increasingly turning to the securitisation market as an alternative fund-raising channel as the onshore bond market remains mostly inaccessible.

Property companies are in particular stepping up the securitisation of receivables from property sales Nike Air VaporMax Scontate , providing them with funds to develop other projects.

The securities took off when Chinese regulators made it harder for developers to sell onshore corporate bonds late last year in a bid to help cool an overheating real estate market.

The issuing of such products more than tripled in the first seven months of this year from a year ago, according to data by China Securities Research.

More than 11 Chinese developers have issued or announced plans this year to issue securities backed by sales receivables, including China Vanke <000002.SZ>, Greentown China <3900.HK>, and the state-owned Beijing Capital Land <2868.HK> Nike Air VaporMax Bambino Scontate , up from around six last year.

Developers typically record revenue in their books 12-24 months after contracted sales, when they actually transfer the property ownership to the buyers and pocket the proceeds. The asset-backed securities allow them to cash in on those receivables early.

"Chinese policies often change. If you rely on a simple channel, once policy changes, it will affect our cashflow so we have to explore other channels," said an official of Greentown Nike Air VaporMax Donne Scontate , which issued 1.6 billion yuan worth of the securities this month, referring to the crackdown on debt. The official requested anonymity because he was not authorized to speak to media.

Beijing Capital said that the securities provided a cheaper financing option for the company. Vanke said it considered the securities to be low cost and low risk.

Rates of the securities issued in the last two years were around 5 to 7 percent, slightly higher than onshore corporate bonds. The securities usually have short maturities of 2 to 4 years, and range in size from 1 to 5 billion yuan. The securities are listed in stock exchanges and traded among banks and institutional investors.

by Jeremy Hawkins

BRUSSELS, Nov. 13 (Xinhua) -- After decades in discussion Nike Air VaporMax Uomo Scontate , common European defense has taken a significant step towards becoming reality in Brussels after 23 European Union (EU) members signed their intent on Monday to join a pact to finance, research and deploy military forces in a permanent cooperative agreement.

A joint notification letter on the Permanent Structured Cooperation (PESCO) was made available for signature in the margins of Monday's EU foreign affairs meeting at the European Council, with all EU members signing on to what will be a binding agreement, with the exception of Denmark, Ireland Nike Air VaporMax 2019 Scontate , Malta and Portugal, and excluding the Brexit-bound Britain.

"We are definitely turning to a historic moment in European defence," said EU foreign affairs chief Federica Mogherini at the signing, while indicating the agreement was "open also for other Member States that might want to join at a later stage."

The joint notification letter sets the process in motion, with the pact to be agreed upon by a qualified majority at the European Council as early as its next meeting in December Scarpe Nike VaporMax 2019 Scontate , launching PESCO.

With its basis established in European Union treaties, PESCO will be supported by the European Defense Fund, passed in June 2017, and aim for "ambitious and more binding common commitments" among the member states which have chosen to adopt the framework, including "regularly increasing defense budgets in real terms in order to reach agreed objectives."

Monday's notification letter includes the principles of the pact Nike VaporMax 2019 Bambino Scontate , with 20 percent of medium term spending to be targeted at addressing procurement for gaps in military capability, and 2 percent of spending dedicated to military research and development. Beyond expenditure, PESCO will aim to address joint capability analysis, in order to avoid both gaps and doubling.

"Today we are taking a historic step," said German Foreign Minister Sigmar Gabriel. "We are agreeing on the future cooperation on security and defense issues ... it's really a milestone in European development."

The move by EU member states to take a further step towards common European defense comes just after a NATO defense ministers' meeting agreed to revise the alliance's command structure and develop two new bases in Europe.

PESCO will be able to complement NATO with strategic and operational capabilities not covered by NATO treaties. In addition Nike VaporMax 2019 Donne Scontate , and like NATO, the PESCO framework will develop military forces and capabilities that will remain national.

The text of the notification letter does stress that PESCO will be "inclusive" and "a strong political signal to our citizens and the outside world," though some observers that this will mean cooperation between strong militaries, like that of France, with some of the weaker forces in Europe.

"As the UK Nike VaporMax 2019 Saldi Scontate , the largest European military spender in NATO, prepares to leave the EU, and considerable differences in strategic culture remain between France, Germany, Italy Nike VaporMax 2019 Ingrosso Scontate , and Spain (and other EU governments), it is difficult to believe that using the PESCO mechanism will add much concrete military value to EU security efforts," said Daniel Keohane for the foreign policy think tank Carnegie Europe in February, when the PESCO terms were being developed.

A Monday afternoon meeting between European Council officials and NATO Secretary General Jens Stoltenberg also confirmed that work within the EU framework on PESCO and military mobility would serve the interests of both organizations.

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