The People’s Bank of China disclosed on Friday that Evergrande’s problem is a peculiar and isolated one as most real estate businesses operating in the country are stable.
Evergrande has $300 billion in liabilities and missed yet another payment to investors in U.S dollar-denominated debt on Oct.11.
The property developer ranks second in China by volume of sales, prompting concerns that its present crisis could spiral to other players in the sector.
Director of the People’s Bank of China, Zou Lan revealed that the risks posed by Evergrande are controllable as property prices have remained stable. Most Real Estate businesses have good financial indicators and are operating on a stable pedestal.
