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China Evergrande Investors Relax Despite Default Deadline


HONG KONG — For months, as a troubled property company called China Evergrande spooked global markets with its financial problems, Beijing sat on the sidelines.Now, the government is taking a more hands-on role.Evergrande, the world’s most indebted property developer, said officials from several state-backed institutions had joined a risk committee that will help the company to restructure itself. The committee, led by Evergrande’s founder, Xu Jiayin, will “play an important role in mitigating and eliminating future risks,” the company said in a filing late on Monday.The formation of a committee with an apparent government imprimatur reassured investors who had worried about the potential impact, in China and beyond, of a chaotic Evergrande collapse. Its huge real estate empire includes millions of apartments in hundreds of Chinese cities, but Evergrande also has more than $300 billion in obligations it needs to pay back — and perhaps even more off the books.“It looks like the government will in …

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