Reuters

China asking state-backed firms to pick up Evergrande assets – sources

HONG KONG (Reuters) -Beijing is prodding government-owned firms and state-backed property developers such as China Vanke Co Ltd to purchase some of embattled China Evergrande Group’s assets, people with knowledge of the matter said. Evergrande, saddled with $305 billion in liabilities, is teetering on the brink of collapse. Authorities are hoping, however, that asset purchases will ward off or at least mitigate any social unrest that could occur if Evergrande were to suffer a messy collapse, they said, declining to be identified due to the sensitivity of the matter.

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