(Bloomberg) -- Hong Kong's Securities and Futures Commission sees no broader systemic risk from the troubles at China Evergrande Group after keeping a close eye on the exposure of brokers and banks, its chief executive officer said.
The financial watchdog has conducted frequent stress tests on its regulated financial institutions to assess their risks and balance sheet exposures “way before Evergrande,” Ashley Alder told reporters on Friday.
“We have looked very very carefully at the institutional level, in particular exposures and expectations, in Hong Kong,” he said. “So far we haven't seen anything that we would see as being of systemic importance, or which would cause us concerned as a systemic issue.”
| Read more: |
|---|
| H.K Audit Watchdog Sees Limited Industry Risk From Evergrande |
| Hong Kong Has ‘Very Minimal' Exposure to Evergrande Crisis: SCMP |
| China Vows to Keep Property Curbs, Evergrande Risk Seen Limited |
Property controls to stamp out speculation in the housing market have weighed on China's indebted developers, which are now seeing sales plunge and home prices snapping a years-long streak of increases. China Evergrande and other developers have missed debt payments, causing bond markets to tumble even as mainland Chinese regulators have also said that risks stemming from Evergrande are controllable.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
