Salem Radio Network News Wednesday, October 20, 2021

Business

China tells banks Evergrande won’t be able to pay interest due Sept 20 – Bloomberg News

(Reuters) – China’s Ministry of Housing and Urban-Rural Development has told major banks that Evergrande will not be able to make loan interest payments due Sept. 20, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Evergrande, the country’s No.2 property developer, is still in talks with banks on the possibility of extending payments and rolling over some loans, Bloomberg reported, adding that the housing ministry has convened a meeting with banks this week.

(Reporting by Sarah Morland in Gdansk; Editing by Muralikumar Anantharaman)

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