Pan Gongsheng mentioned Evergrande Group, the global industry's most heavily indebted developer, but gave no update on its government-supervised efforts to restructure 2.1 trillion yuan in debt to banks and bondholders.
China's economic growth slid in mid-2021 after regulators who worry debt levels are dangerously high blocked Evergrande and other heavily indebted developers from borrowing more money. That added to disruption from anti-virus controls. In the final quarter of 2022, bond sales by developers rose 22% compared with a year earlier to 120 billion yuan , according to Pan. He said bank loans for real estate development also increased.
The central bank intervened to stop the yuan's slide after traders shifted money into dollars to profit from Federal Reserve interest rate hikes.