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Beijing, China is making companies pay their debts overseas

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    Beijing is sending a clear message to the country’s troubled property developers: pay your debts. Every single one of them. According to a press statement, two major economic and financial agencies called on companies in “key industries” on Tuesday to redeem the interest payments on their foreign securities.

    In a meeting on Tuesday, regulatory authorities from the National Development and Reform Commission and the State Administration of Foreign Exchange conveyed the message to companies. They did not specify which companies were present.

    However, the timing is noteworthy: Just days ago, Evergrande paid $83.5 million in past-due interest on a dollar-denominated bond that was due last month, just as a 30-day time limit was about to lapse. Evergrande has not publicly commented on the payment, but it has been reported in Chinese state media.

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