Two Chinese listed developers received approval on Wednesday from the China Securities Regulatory Commission to launch refinancing projects, Securities Daily reported.

Join-In Holding Co Ltd, a Shanghai-listed property developer, said in a statement to the stock exchange that it would raise no more than 1.71 billion yuan ($275 million) through private placement, with the price no lower than 9.53 yuan per share. The money raised, it said, will fuel the development and operation of a real estate project in Xuzhou, Jiangsu province.

Shenzhen-listed property developer TB Infrastructure plans to raise 1.55 billion yuan for the development of three projects in Tianjin.

The move, industry insiders said, is a signal the government is letting the market play a bigger role in adjusting the real estate market.

A total of five property developers have launched refinancing projects this year.

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