An excavator is seen at a construction site of new residential buildings in Shanghai, China, in this March 21, 2016 file photo. REUTERS/Aly Song/File Photoindebtedness, although there is a risk of the property developer's pain escalating to cause broader financial stress, the IMF said in a report and comments released Tuesday.
Evergrande, with more than $300 billion in liabilities, has concerned investors globally after it missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term. Debt-saddled Chinese property firms took heavy fire in bond markets on Tuesday.
Beijing has prodded government-owned firms and state-backed property developers to purchase some of Evergrande's assets, people with knowledge of the matter previously said."As long as authorities have a clear plan, I would expect the situation gets resolved," Adrian said. In the IMF's Global Financial Stability Report, the organization more broadly urged policymakers to "act decisively" and target continued economic support tailored to their countries' needs.Sign up for our newsletter
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