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InvestmentsChina's state council met with property developers, banks -source By Reuters

China’s state council met with property developers, banks -source By Reuters

© Reuters. FILE PHOTO: The Chinese nationwide flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter/File Photo

SHANGHAI/BEIJING (Reuters) -China’s state council held a gathering with actual property builders and banks within the southern metropolis of Shenzhen, a supply with direct data of the assembly informed Reuters, amid intensifying worries over a liquidity disaster within the nation’s property sector.

Participants on the assembly, which came about on Monday, included China Vanke, Kaisa Group, Ping An Bank, China Citic Bank, China Construction Bank (OTC:) and CR Trust, in accordance with the supply.

Investors are involved about liquidity woes spreading in China’s property sector, with a string of offshore debt defaults, credit standing downgrades and sell-offs in some builders’ shares and bonds in current weeks.

Stricken property big China Evergrande Group has rattled international markets because it grapples with debt liabilities of greater than $300 billion that traders concern might pose systemic dangers to China’s monetary system.

Shenzhen-based Kaisa urged state corporations on the assembly to assist non-public corporations enhance liquidity via mission acquisitions and strategic buys, the supply mentioned.

Vanke declined to remark. Kaisa and the banks who participated within the assembly didn’t instantly reply to requests for remark.

In a press release on its official WeChat account late on Monday, Kaisa mentioned it was taking measures to unravel its liquidity points and was consulting traders in wealth administration merchandise about higher fee options.

Last week, Kaisa and three of its models had their shares suspended from buying and selling, a day after an affiliate missed a fee to onshore traders, as China’s snowballing property debt disaster jolts different builders.

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