$22 billion in Chinese corporate bonds cancelled or delayed since early November

Chinese companies have cancelled or delayed issuance of nearly 200 bonds worth 145.7 billion yuan ($22.31 billion) since early November, reflecting lingering investor concerns after a spurt of defaults, state media reported on Friday.

Maturing bonds exceeded new debt sales in November by 44.5 billion yuan, with monthly net financing turning negative for the first time this year, the Securities Times said.

Weak demand for corporate bonds bodes ill for the credit market in January, when a wall of debts will mature, the newspaper said.

In an apparent effort to bolster investor confidence, China's central bank said on Thursday it will step up its regulation of the bond market in line with the law, vowing "zero tolerance" towards illegal activities.