China's clarification that the Evergrande crisis can be overcome

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BEIJING: For the first time, China's central bank has broken its silence on the Evergrande Group crisis, saying the financial risks posed by the Evergrande crisis are manageable and will not spread elsewhere.

Authorities and local governments are resolving the situation. The solution is being worked out within the ambit of the law, People's Bank of China official Zhou La told a news conference.

Lenders have been told to keep the real estate sector stable and orderly credit. Zhou La is the head of the financial markets division.

Concerns are growing that the impact of the money crunch at Evergrande is spreading to other developers. The Chinese government is taking drastic measures to control the property market.

Surprising defaults by Fantasia Holdings Group and warnings of defaults by Scenic Holdings Group have raised fears of an impact over the past two weeks.

Evergrande has failed to do its business due to changing market conditions, he added. Evergrande has a debt of over 200 billion. It did haphazard expansion and diversification.


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