Hong Kong Asks Banks to Report Exposure to China Evergrande
- HKMA gave banks 24 hours to report exposure to Evergrande
- China’s developer is struggling to meet debt payments
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Hong Kong’s central bank asked lenders to report their exposure to debt-laden China Evergrande Group on concern over potential systemic risks to the region’s financial system, according to people familiar with the matter.
The Hong Kong Monetary Authority queried lenders in the city last week, giving them 24 hours to respond on their financial commitments to China’s most indebted developer, both in terms of lending and derivatives, one of the people said, asking not to be named because of confidentiality.