SINGAPORE: Malaysia's central bank said on Monday (Aug 28) that banks incorporated in the Southeast Asian nation faced limited financial stability risk arising from exposure to China's largest property developer, Country Garden. Such banks' exposure to Country Garden Real Estate (CGRE), the developer's who
SINGAPORE: Malaysia's central bank said on Monday that banks incorporated in the Southeast Asian nation faced limited financial stability risk arising from exposure to China's largest property developer, Country Garden.
"CGRE is servicing their loans promptly and the local group of companies have adequate funds to meet their payment obligations," Bank Negara Malaysia added. The Malaysian central bank said it required financial institutions to consider the current and prospective property market conditions in their viability assessment for financing property development and construction projects.
"The current development with Country Garden Holdings Ltd in China is not expected to pose any material impact on the overall property market activity and prices in Malaysia," it said.The Chinese property developer's comments came after it missed two dollar coupon payments this month totalling US$22.5 million, fuelling fears that the country's property debt crisis could hamper a broader economic recovery and spill overseas.
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