China tells banks debt-laden property developer Evergrande will not pay interest next week

Major banks in China have been told that developer Evergrande will not be able to make loan interest payments due next week. The debt-laden company is negotiating with banks to extend payments and roll over some loans. Evergrande shares have tumbled more than 80% this year. Protests against the firm have spread to more Chinese cities, after its offer of property and parking spaces — instead of cash repayments — was rejected by investors. With a colossal debt of over $300 billion, there are growing concerns that the crisis could hit the broader economy.

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