BEIJING/HONG KONG : One of China Evergrande Group's main lenders has made provisions for losses on a portion of its loans to the embattled property developer, while some creditors are planning to give it more time to repay, four bank executives told Reuters.
Agricultural Bank of China , the country's No.3 lender by assets, has made some loan loss provisions for part of its exposure to Evergrande, one of the executives said, without giving details. Despite the retrenchment, an Evergrande collapse, even a managed one, would still reverberate through the Chinese economy given liabilities equal to 2per cent of the country's GDP.
The PBOC and the sector regulator, the China Banking and Insurance Regulatory Commission , did not immediately respond to Reuters requests for comment.Evergrande is due to pay US$83.5 million of interest on Sept. 23 for its offshore March 2022 bond. It has another US$47.5 million interest payment due on Sept. 29 for March 2024 notes.Regulators have not given any indication to Chinese lenders of a possible bailout of Evergrande, said a source at one of the main trust creditors.
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