China's Evergrande Group says will maintain operations, markets stability

Reuters2021-08-20

SHANGHAI, Aug 20 (Reuters) - Chinese property developer Evergrande Group said on Friday it is determined to maintain the stability of its operations, a day after executives of the indebted company were summoned by regulators.

Evergrande said in a statement it would "maintain the stability of the company's operation, resolve debt risks", as well as "maintain the stability of the real estate and financial market".

It also confirmed it had met with the central bank and the banking and insurance regulatory on Thursday, and added that it would fully implement regulatory requirements.

China's central bank and banking and insurance regulator said they had summoned Evergrande's executives to a meeting on Thursday, urging them to keep operations stable and actively diffuse debt risks.

The summons come amid fragile confidence in China's credit markets and concern that a financial crisis at Evergrande could pose a systemic risk as the company struggles to find the cash it needs to pay its lenders.

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HauSG
2021-08-20
HauSG
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HauSG
2021-08-20
HauSG
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