China vows to protect real estate market amid Evergrande woes

Economy

China's central bank pledged Monday to protect "sound development" of the country's real estate market, as major property developer China Evergrande Group has been facing default risk. The remarks by the People's Bank of China have sparked speculation that the leadership of President Xi Jinping may implement measures to prop up the nation's real estate and financial markets, some dealers said. Financial market participants have become worried that a possible bankruptcy of Evergrande, whose liabilities have swelled to around 2 trillion yuan ($309 billion), could cause another global financial c...

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