Employees set up model apartments as they prepare a real estate exhibition in Hangzhou, Zhejiang province. Photo: Reuters

Chinese real estate enterprises have raised a total 23.32 billion yuan (US$3.66 billion) in funds from overseas capital markets during the first four months of this year, a rise of 107% compared to the same period last year, The Paper reported.

According to data released by Centaline Property Agency, in April alone, housing enterprises issued a total US$8.8 billion in bonds.

Zhang Dawei, chief analyst of Centaline Property, thinks overseas financing has become the choice of many real estate firms for two main reasons.

On the one hand, regulators are applying strict control of bank credits and trust funds, forbidding funds to enter the housing market illegally, thus it is increasingly difficult for housing developers to raise funds within the domestic market.

On the other hand, housing developers are still accelerating their acquisition of land amid a tightening crackdown on housing speculation. The expansion of the land market has also boosted the financing needs of real estate companies.