CJNHF - Beijing asks state-backed companies to purchase China Evergrande assets - Reuters

The Chinese government is urging government-owned and state-backed property developers to buy some of debt-laden China Evergrande Group's (OTCPK:EGRNF) (OTCPK:EGRNY) assets, Reuters reports, citing people with knowledge of the matter. The central government, though, is unlikely to bail out Evergrande directly, six people told the news organization. Evergrande, with $305B in liabilities, is on the verge of collapse and has already missed one coupon payment on its bonds. Some government-owned enterprises have already conducted due diligence on assets in the southern Chinese city Guangzhou, one person told Reuters. China Vanke Co. (OTCPK:CHVKF) (OTCPK:CHVKY), China Jinmao Holdings (OTCPK:FRSHY) (OTCPK:CJNHF), and China Resources Land (OTCPK:CRBJF) (OTC:CRBJY) are government-backed property developers that have been asked to buy assets from Evergrande, according to the report. On Monday, China's central bank said it would protect consumers exposed to the housing market, though it didn't specifically name China Evergrande.

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Beijing asks state-backed companies to purchase China Evergrande assets - Reuters