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China’s central bank says Evergrande risks ‘controllable’

KTVZ

BEIJING (AP) — China’s central bank says financial risks from China Evergrande Group’s debt problems are “controllable” and unlikely to spill over, amid growing investor concerns that the crisis could ripple through other developers. Evergrande is the world’s most indebted developer, with over $300 billion in liabilities. The company has missed a third round of interest payments on its offshore bonds this week, spooking investors globally and sparking concern that other companies in the sector may also default on payments. People’s Bank of China official Zou Lan told a news briefing that authorities will provide financial support for the resumption of Evergrande’s construction projects. He says Evergrande was poorly managed and failed to operate cautiously. 

Associated Press

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