China’s central bank says Evergrande is unique and most real estate developers are stable

An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018.

Bobby Yip | Reuters

BEIJING — The Individuals’s Financial institution of China mentioned Friday that indebted developer China Evergrande is its personal case, and that the majority actual property companies within the nation are secure.

Property large Evergrande has $300 billion in liabilities and missed yet one more fee to traders in U.S. dollar-denominated debt on Oct. 11. The developer ranks second in China by gross sales, prompting some considerations of one other “Lehman Moment.”

The dangers posed by Evergrande are “controllable,” Zou Lan, director of the Individuals’s Financial institution of China’s monetary markets division, mentioned in Mandarin at a press convention Friday, in response to a CNBC translation.

“China Evergrande Group’s issues in the actual property business are a person phenomenon,” he mentioned, noting that property costs have remained secure. “Most actual property companies are working stably and have good monetary indicators, and the actual property business total is wholesome.”

It is a breaking information story. Please test again for updates.

Source link


News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button