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China Urges Hui to Tap Wealth; Firms to Repay: Evergrande Update

  • Hui Ka Yan urged to tap his own fortune to help solve crisis
  • Modern Land missed payment on $250 million bond due Monday
China Evergrande Group Development in Nanjing
Photographer: Qilai Shen/Bloomberg
Updated on

China has urged companies to make payments on their offshore bonds, and asked China Evergrande Group’s billionaire founder Hui Ka Yan to tap his personal wealth to help solve the company’s deepening debt crisis.

The National Development and Reform Commission, which oversees foreign debt issuance, called on companies to “optimize their foreign debt structure” to raise funds, and said it will continue to meet firms’ “reasonable needs” for the rollover of foreign debt and repayment, according to a statement late Tuesday following a meeting with key industries. The statement didn’t name companies.