BEIJING - Offshore bond issuance by Chinese property developers will decline in the second half of 2019 due to lower refinancing needs, depleted quotas and new restrictions, according to a report by Credit rating agency Moody's.

"Offshore bond issuance among the rated developers totaled $1.6 billion in August, down significantly from $7.4 billion in July, and will likely remain low, with only $3.7 billion of offshore bonds set to mature over the remainder of the year," said Cedric Lai, Moody's vice-president and senior analyst.

Meanwhile, year-on-year national sales value growth continued to slow to 8 percent in July from 8.9 percent in June and 10.4 percent in May, mainly driven by a 1.3-percent decline in sales volume.

"We expect national property sales growth will continue to slow in the second half amid tight financing conditions and regulatory measures," added Lai.