Beijing says it’s time for companies to pay their overseas debts as Evergrande fears linger – By Laura He (CNN Business) / Oct 27 2021
Hong Kong (CNN Business) Beijing is making one thing clear to the country’s embattled property developers: Pay your debts. All of them.
Two major economic and finance agencies on Tuesday called on companies in “key industries” to redeem the principal and interest on their overseas bonds, according to a government statement.
Regulators from the National Development and Reform Commission — the country’s top economic planner — and the State Administration of Foreign Exchange delivered the message to companies in a meeting on Tuesday. They did not say which firms were in attendance.
But the timing is notable: Just days ago, property giant Evergrande paid $83.5 million worth of overdue interest on a dollar-denominated bond that was due last month, just as a 30-day grace period was about to expire. (Evergrande didn’t comment publicly on the payment, but it was reported in Chinese state media.)
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