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Evergrande suffers setback as debt-stricken developer fails to sell its US$1.7 billion Hong Kong office tower to Yuexiu Property

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Reuters

Evergrande debt woes are manageable, China central bank official says

SHANGHAI (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 China’s No. 2 developer that has roiled global markets. Chinese authorities are urging Evergrande 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. Chinese officials and state media have been largely silent on the crisis at Evergrande, which has missed a series of bond interest payments and has $300 billion in debt, making it the world’s most indebted developer.

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