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China Urges Developers To Pay International Debts: FT

State economic planning agency tells construction companies to repay their international debts – days ahead of another payment deadline for developer China Evergrande


Highrise apartments are seen near a new stadium in Zhengzhou in Oct 2021. Photo by Reuters.

 

China’s economic planning agency has encouraged construction companies to repay their international debts – days ahead of another payment deadline for property developer Evergrande after it narrowly avoided a default last week, the FT has reported.

The National Development and Reform Commission met with developers on Tuesday and said afterwards that companies should prepare to pay the principal and interest of offshore bonds to maintain their reputation and the order of the market. No companies were named but the statement came after Evergrande, which has more than $300 billion of liabilities, made a last-minute interest payment last Thursday, and it faces another payment deadline this Friday.

See the full story: The Financial Times.

 

SEE ALSO:

China Evergrande Pledges to Finish At Least 31 Projects

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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