Chinese companies cancel or delay $1.2 billion in bond sales

Chinese companies have either delayed or canceled US$1.2 billion (RMB7.55 billion) in bond sales since November 20 as investors held more cash ahead of new share sales planned for this week and borrowing costs rose, Bloomberg reported, citing company statements. China Development Bank said in a statement published on Chinabond’s website Monday that it would cancel an RMB5 billion one-year note offering planned for November 25 due to market conditions. At least four other companies also canceled offerings, filings show.