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Alarmed by Evergrande, China’s lenders hold back on new credit for property developers

As fears of contagion from any default by China Evergrande Group mounted this month, some Chinese banks, insurers, and shadow banks stopped offering new credit to property developers, and ran urgent checks on their exposure to the troubled sector. Carrying $305 billion in liabilities, China’s second biggest property developer inched closer to a potential default on Friday by missing the deadline on an interest payment. Evergrande’s problems will pile pressure on peers to access funding, and analysts have warned that if property developers are unable to pay investors, suppliers and lenders China’s financial system could go into shock.

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