News Snapshot:
HONG KONG, (Reuters) – Shares in Chinese property developers rose Monday as China’s central banking calmed the markets. It stated that Evergrande’s debt problems were manageable and that China’s economy was “doing well”. Country Garden and Sunac China, top-tier developers, saw their shares rise by more than 4% and 8.8% in the early trades, while China Vanke dropped 2.6%. Yi Gang of the People’s Bank of China stated that China’s economy has challenges, including default risk for some firms because of “mismanagement”. The authorities will be closely monitoring them “so they don’t become systematic risks”. Another official from the PBOC...
