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HSBC, UBS among big banks to have cut exposure to China Evergrande as outlook worsens for debt-stricken developer

Summary:
[unable to retrieve full-text content]Big banks and fund managers have been heading for the exit and reducing their exposure to China Evergrande Group in recent weeks as the outlook has soured for the world’s most indebted property developer.As a result, many financial companies sought to reassure investors and downplay their exposure as questions lingered about whether Evergrande managed to make an US.5 million coupon payment due on Thursday.The Shenzhen-based company had some US0 billion in liabilities at the end of the…

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[unable to retrieve full-text content]
Big banks and fund managers have been heading for the exit and reducing their exposure to China Evergrande Group in recent weeks as the outlook has soured for the world’s most indebted property developer.As a result, many financial companies sought to reassure investors and downplay their exposure as questions lingered about whether Evergrande managed to make an US$83.5 million coupon payment due on Thursday.The Shenzhen-based company had some US$300 billion in liabilities at the end of the…

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