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Amid Evergrande crisis, more Chinese developers to issue ABS

Some of China’s major property developers are planning to issue asset-backed securities in the near term, a further sign that regulators are marginally broadening financial channels for developers amid Evergrande’s debt crisis. China Evergrande, wrestling with debts of more than $300 billion, said on Friday that there was “no guarantee” it would have enough funds to meet debt repayments, prompting the country’s top financial regulators to calm the market. Country Garden, the country’s top property developer, said on Sunday that the company is considering applying for the issuance of supply chain asset-based securities (ABS) in the near term.

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