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China's central bank says Evergrande is unique and most real estate developers are stable
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cnbc.comBEIJING — The People's Bank of China said Friday that indebted developer China Evergrande is its own case, and that most real estate businesses in the country are stable.
Property giant Evergrande has $300 billion in liabilities and missed yet another payment to investors in U.S. dollar-denominated debt on Oct. 11. The developer ranks second in China by sales, prompting some concerns of fallout similar to a«Lehman Moment.» Economists have noted that Evergrande's large holdings of land and physical properties set it apart from the U.S. investment bank's financial assets.
The risks posed by Evergrande are «controllable,» Zou Lan, director of the People's Bank of China's financial markets department, said in Mandarin at a press conference
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