PBOC Vows to Ensure ‘Healthy’ Property Market: Evergrande Update

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(Bloomberg) -- Chinese authorities are striving to signal to traders that whatever happens to China Evergrande Group, its debt crisis won’t spiral out of control or derail the economy.Most Read from BloombergJust this week, the People’s Bank of China pledged to ensure a “healthy property market” and protect homebuyers. The central bank also added a net 100 billion yuan ($15.5 billion) of liquidity into the banking system on Tuesday -- the eighth day of injections -- while a local media commentary said China can expand fiscal policy if needed to spur growth.Evergrande shares rose as much as 8.2% Tuesday. Those of smaller developer Sunac China Holdings Ltd. surged by a record after denying it had requested local government help, while its dollar bonds jumped.Some emerging market funds, including those at BlackRock Inc. and BlueBay Asset Management LLP, started buying the developer’s dollar bonds at distressed levels, Morningstar Inc. said in a report.Join us at 11 a.m.
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