Social media users in China have been barred from posting about Evergrande, as the property developer fights for its survival.
China’s WeChat platform has blocked at least eight Instant Messenger groups discussing protests against Evergrande, which is regarded as being close to collapsing under its $305bn debts.
Concerns have mounted over the wider impact of the fallout from a collapse, after Fitch downgraded the business from CC to C, only three weeks after its last downgrade.
China’s central bank has pledged to protect businesses and customers exposed to the conglomerate, which prompted Evergrande’s share price to rise both yesterday and the day before, but groups on WeChat were still planning protests.
Some users have been spoken to by Ministry of Public Security officers.
Evergrande, meanwhile, has sold its $1.5bn stake in one of its lenders, Shengjing Bank, to a state-owned investment group.
