China Urges Hui to Tap Wealth; Talks Closer: Evergrande Update

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.

Officials from the National Development and Reform Commission and the State Administration of Foreign Exchange told developers at a meeting in Beijing on Tuesday that they must make payments on time if possible, according to people familiar with the matter. Any developer that can’t meet its debt obligations must inform regulators immediately, the people said.