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BEIJING-Macquarie Bank and Chinese real estate company Dalian Wanda Group plan to sell the first dollar-denominated Chinese commercial property bond in a move that would give investors indirect access to China's booming real estate sector. The $145-million CMBS will be sold through a joint venture dubbed Dynasty Assets.

The Chinese government was historically reluctant to encourage securitization. But last year China Construction Bank sold the country's first residential MBS. With that door now open, the Macquarie-Dalian CMBS may provide an alternative means of financing for the Chinese banks at a time when the government is trying to reduce exposure to property.

The advantage of CMBS, says one industry commentator, is that it would take property loans off the balance sheets of the banks. It also gives investors access to property investment without the need to own the assets while offering property owners lower financing costs than in the loan market.