China central bank says Evergrande debt woes are manageable
- Central bank makes rare comments on Evergrande debt situation
- PBOC: financial firms don’t have concentrated Evergrande risk
- Xinyuan Real Estate agrees to exchange offer with bondholders
- Developer bonds deepen rout, shares edge lower
SHANGHAI, Oct 15 (Reuters) – The spillover effect of China Evergrande Group’s debt problems on the banking system is controllable, a central bank official said on Friday, in rare official comments on a liquidity crisis at the massive developer that has roiled global markets.
Chinese authorities are urging Evergrande (3333.HK) to step up asset disposals and the resumption of projects, Zou Lan, head of financial markets at the People’s Bank of China (PBOC), told a briefing, adding that individual financial institutions did not have highly concentrated exposure to Evergrande. read more
“In recent years, this company did not operate and manage itself well. It…