Chinese developers continue to face hurdles in domestic bond sales amid government efforts to tighten credit to curb the speculative fervor in the property market. No debt was issued by a company in the sector last month, according to Haitong Securities. State-owned Beijing Capital Land suspended its CNY10 billion corporate bond offering on February 22, according to a filing to the Shanghai Stock Exchange. “Policy tightening is the main reason,” said Bryan Feng, head of investor relations at Beijing Capital Land. Since October, Beijing has tightened rules ranging from home purchases to land auctions in an effort to help cool house prices amid concerns of an emerging property bubble. Bond issuance by real estate developers has also cooled since austerity measures were introduced in October. Only six property companies issued corporate debt in January, down from the over 50 property companies which issued debt each month on average in 2016. Bond sales by the property sector raised CNY121 billion during the fourth quarter, or roughly one-third of funds raised in the third quarter. Haitong Securities Bond Analyst Jiang Chao said that the six property companies that issued bonds in January had received approvals long in advance. “In fact, there have been no bond applications from developers since November that have obtained approval from regulators,” Jiang said. There are no signs the austerity measures will be loosened any time soon, the South China Morning Post reports.