China’s Evergrande Group Says It Will Keep Operations And Markets Stable By Reuters

SHANGHAI (Reuters) – Chinese property developer Evergrande Group said on Friday that it is determined to maintain the stability of its operations, a day after regulators summoned executives from the indebted company.

Evergrande said in a statement that it will “maintain the stability of the company’s operations, resolve debt risks” and “maintain the stability of the real estate and financial markets.”

He also confirmed that he had met with the central bank and the banking and insurance regulator on Thursday, adding that he would fully implement regulatory requirements.

The central bank and China’s banking and insurance regulator said they had called Evergrande executives to a meeting on Thursday, urging them to keep operations stable and actively spread debt risks.

The call comes amid fragile confidence in China’s credit markets and concerns that a financial crisis in Evergrande could pose a systemic risk as the company struggles to find the cash it needs to pay its lenders.

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