Chinese companies have borrowed US$12.2 billion from international bond markets so far this year, more than five times the amount they had raised by the same point last year, the Financial Times reported, quoting research from data provider Dealogic. Restrictions on lending to property developers have driven the borrowing spree; half of the issues have come from developers that are not state-owned, including Evergrande (3333.HK), Country Garden (2007.HK) and Longfor Properties (0960.HK). Regulators reiterated orders to state-owned banks in the past year to clamp down on the liquidity that has flooded the property sector over the last two years. Tightening has disproportionately affected small and privately-owned enterprises, while state-owned developers and larger private developers are often still able to secure financing. Within a few months, total borrowing is likely to outstrip the US$15.8 billion that Chinese companies raised in overseas bond sales during the whole of 2010.