Chinese financial regulators summon debt-ridden developer Evergrande for interview


What’s new: Two leading financial regulators have called on the debt-ridden China Evergrande group to “maintain stable business operations” and “resolve debt risks” as they convene the property giant’s senior management on Thursday to an interview, according to A declaration (link in Chinese) from the People’s Bank of China (PBOC).

The PBOC and the China Banking and Insurance Regulatory Commission also ordered Evergrande to disclose material issues without disseminating inaccurate information, and to clarify wrong information in a timely manner.

The context: The summons of Evergrande executives come as the Hong Kong-listed conglomerate remains in a debt and liquidity crisis as its access to finance was severely restricted after regulators decided to cut debt levels in the real estate sector.

Investors have sold the company’s stocks and bonds in recent months, and the developer has been sued by its creditors and suppliers on missed bill payments.

The troubled company was recently unloading assets to try to raise funds to pay off the debt.

Related: Rivals in talks to buy debt-ridden Evergrande’s property management unit

Quick Takes are condensed versions of stories related to China for quick news that you can use.

Contact reporter Guo Yingzhe ([email protected]) and editor-in-chief Michael Bellart ([email protected])

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