Chinese regulators summon Evergrande executives, urge them to keep operations stable, diffuse debt risks
- China Evergrande officials were summoned for a meeting by the People’s Bank of China and China Banking and Insurance Regulatory Commission
- Regulators urge Evergrande to follow rules and disclose information in a timely manner to prevent rumours from spreading
China Evergrande Group has become the latest Chinese company to be given a talking-to by the country’s top financial regulators.
“As a leading real estate company, Evergrande must earnestly implement the stable and healthy development strategy of the property market set out by the central government … and maintain the stability of the property and financial markets,” PBOC and CBIRC said in a joint statement.
Evergrande did not immediately respond to a request for comment.
In April, top tech firms that run online financial businesses, including Tencent Holdings, Tik Tok-owner ByteDance and Didi Finance were summoned by the PBOC and three other financial regulators to “step up anti-monopoly measures” and highlighted that “financial businesses should serve the real economy as well as reduce financial risks.”