BEIJING, Oct 21 — Teetering Chinese property giant China Evergrande formally abandoned plans to sell a US$2.6 billion stake in one of its key units on Wednesday, as Beijing officials went out in force to say the problems would not spin out of control.
Evergrande’s disclosures came after a number of top Chinese officials had sought to reassure homebuyers and markets that the current woes in the property sector would not be allowed to turn into a full-scale crisis. “ to improve the effectiveness of the constraint mechanism on debt financing, to avoid excessive financing through ‘high leverage’,” Yi said.
“In view of the difficulties, challenges and uncertainties in improving its liquidity, there is no guarantee that the group will be able to meet its financial obligations under the relevant financing documents and other contracts,” it said. The sale setback for Evergrande comes after Chinese state-owned Yuexiu Property pulled out of a proposed US$1.7 billion deal to buy its Hong Kong headquarters last week.Pan Gongsheng, head of China’s foreign exchange regulator, added to a chorus of officials trying to soothe concerns, saying excessive tightening by financial institutions and markets on the property sector was being gradually corrected, financial magazine Yicai reported.
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