Chinese banks try to calm fears about developer’s debts

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Trying to dispel investor fears, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt. The lenders say they can cope with a potential default. The announcements came as Evergrande Group promised to talk with individual investors who bought its debt while creditors wait to see whether Beijing will intervene to oversee a restructuring to forestall financial disruption. Evergrande’s struggle to meet government-imposed debt limits has prompted fears a default might disrupt the Chinese economy or global financial markets. Economists say Beijing can prevent a credit crunch in China but wants to avoid bailing out Evergrande while it tries to force companies to reduce debt levels.