Rights of Evergrande shareholders, collectors to be revered, says China central financial institution chief By Reuters
© Reuters. The building sign of the China Evergrande Center can be seen in Hong Kong, China, December 7, 2021. REUTERS / Tyrone Siu
HONG KONG (Reuters) – The rights of shareholders and creditors of insolvent real estate developer China Evergrande Group are “fully respected” due to their legal primacy, Central Bank Governor Yi Gang said Thursday.
The short-term risk posed by some Chinese real estate companies will not undermine Hong Kong’s capital market, he said at a financial forum in the Asian financial center.
Evergrande’s missed debt settlement deadline this week risks becoming China’s largest defaulted debtor with $ 300 billion in debt, though hopes of managed debt restructuring allayed fears of a messy collapse.
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