Evergrande vows to fix debt after rare China rebuke – MENAFN.COM

Evergrande vows to fix debt after rare China rebuke – MENAFN.COM

Signage is displayed outside the China Evergrande Centre in Hong Kong. Evergrande Group pledged to fix its debt problems following a rare public rebuke from regulators as the developer struggles to stave off a liquidity crisis. (MENAFN - Gulf Times) China Evergrande Group pledged to fix its debt problems following a rare public rebuke from regulators as the developer struggles to stave off a liquidity crisis. Evergrande said it will do its best to maintain stable operations, resolve debt risks, and keep stability in housing and financial markets. The People's Bank of China and the China Banking and Insurance Regulatory Commission earlier told the group to address its debt woes and refrain from spreading"untrue" information. The regulators issued the joint statement late Thursday after meeting with the developer's executives. Evergrande will disclose material events in accordance with laws and regulations and clarify untrue information in a timely way, the company said in a statement. The rebuke is the clearest sign yet that Chinese authorities are losing patience with Evergrande, which poses a potential systemic risk to the world's second-largest economy. With more than $300 billion of liabilities, the conglomerate's fate has broad implications for China's $50tn financial system and the