China Asks Local Governments to Prepare for Potential Downfall of Evergrande Group - DJ

September 23, 2021 6:12 AM EDT

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(Updated - September 23, 2021 6:18 AM EDT)

China authorities are asking local governments to prepare for the potential downfall of China Evergrande Group, according to Dow Jones, citing officials familiar with the discussions.

The report said this signals a reluctance to bail out the debt-saddled property developer, while bracing for any economy and social fallout.

Officials characterized the actions being orders to getting ready for the possible storm, with local-level government agencies and state-owned enterprises instructed to step in only at the last minute should Evergrande fail to manage its affairs in an orderly fashion.

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