HONG KONG (BLOOMBERG) – As China Evergrande Group edges closer to a massive restructuring, Beijing has stepped up efforts to limit the fallout, signaling it is willing to prop up healthy developers, home owners and the real estate market at the expense of global bond holders.
In the last week alone, the Chinese authorities have dispatched top financial regulators to nudge the country’s massive banks to ease credit for home buyers and support the property sector. They also bought out part of Evergrande’s stake in a struggling bank to limit contagion.
The central bank, meanwhile, pumped 460 billion yuan (S$97 billion) into the system over a five-day stretch to ease liquidity.
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