China’s top financial regulators have ordered Evergrande to resolve its debt issues, in an unusually clear display of Beijing’s fears over the embattled property developer.
In a rare public admonishment, the People’s Bank of China and the China Banking and Insurance Regulatory Commission said in a statement on Thursday that Evergrande must “actively diffuse debt risk and maintain real estate and financial market stability” after meeting with its executives.
Evergrande said on Friday that it would “fully implement” the requirements, including reducing its debt risks and maintaining market stability.
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