China's Evergrande should not bet on govt bailout - Global Times editor

  • 9/17/2021
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HONG KONG, Sept 17 (Reuters) - Chinese state-media Global Times" editor in chief said struggling Evergrande Group (3333.HK) should use market means to save itself and should not bet on a government bailout as it deems itself "too big to fail". Hu Xijin said on his WeChat social media account on Thursday he did not think an Evergrande bankruptcy would trigger a systemic financial storm like Lehman Brothers, because it was a real estate business and the downpayment ratios in China were very high. Global Times is a nationalistic tabloid published by the Communist Party"s People"s Daily. Its views do not necessarily reflect the official thinking of policymakers. With total liabilities of more than $300 billion, Evergrande is scrambling to raise funds as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or a government bailout.

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