Listed property developers have pledged 11.6 billion of their own shares to borrow funds, as persistent tightening measures cut them off from other sources of financing.

Fifty-eight A-share developers have each pledged an average of 132 million shares as of June 21, website China.com.cn reported.

Among the 175 pledge deals disclosed publicly, 50 were taken by lenders, indicating that property market risks go to the banking system despite the absence of bank loans. Most of the remaining deals were taken by trust companies, which have strong ties with lenders in China.

Last year, the China Banking Regulatory Commission ordered a clampdown on the practice of lenders making off-balance sheet lending in collaboration with trust companies.