Banks told to report exposure to troubled Evergrande

On the brink: A housing complex by Chinese property developer Evergrande in Guangzhou. A state crackdown on China’s colossal property market has helped send one of its biggest developers to the brink of collapse. — AFP

HONG KONG: Hong Kong’s central bank asked lenders to report their exposure to debt-laden China Evergrande Group on concerns over potential systemic risks to the region’s financial system, according to people familiar with the matter.

The Hong Kong Monetary Authority (HKMA) queried lenders in the city last week, giving them 24 hours to respond on their financial commitments to China’s most indebted developer, both in terms of lending and derivatives, one of the people said, asking not to be named because of confidentiality.