BEIJING, Aug 19 — China’s central bank said it summoned executives of the country’s most indebted property developer, China Evergrande Group, today and issued a rare warning that the company ought to reduce its debt risks and prioritise stability. Evergrande has been scrambling for cash as it...
BEIJING, Aug 19 — China’s central bank said it summoned executives of the country’s most indebted property developer, China Evergrande Group, today and issued a rare warning that the company ought to reduce its debt risks and prioritise stability.
Evergrande must “actively diffuse debt risk and maintain real estate and financial markets stability,” said the People’s Bank of China and China’s banking regulator, the China Banking and Insurance Regulatory Commission, in a joint statement. The high-profile warning comes just days after a leaders’ meeting chaired by President Xi Jinping called for efforts to defuse systemic financial risks. It also comes as a flurry of regulatory crackdowns in China dent foreign investors’ confidence.
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