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China tells banks Evergrande won’t be able to pay interest due Sept 20

© Reuters. FILE PHOTO: Security personnel form a human chain as they guard outside the Evergrande’s headquarters, where people gathered to demand repayment of loans and financial products, in Shenzhen, Guangdong province, China September 13, 2021. REUTERS/David Kirt

(Reuters) – China’s Ministry of Housing and Urban-Rural Development has told major banks that Evergrande will not be able to make loan interest payments due Sept. 20, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Evergrande, the country’s No.2 property developer, is still in talks with banks on the possibility of extending payments and rolling over some loans, Bloomberg reported, adding that the housing ministry has convened a meeting with banks this week.

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