Chinese banks say they can cope with potential default by property developer

Residents pass near the headquarters for Evergrande in Shenzhen in southern China (Ng Han Guan/AP)

Seeking to dispel fears of financial turmoil, some Chinese banks are disclosing what they are owed by a property developer that is struggling under 310 billion US dollars in debt, saying they can cope with a potential default.

The announcements came as Evergrande Group promised to talk with some individual investors who bought its debt while creditors waited to see whether Beijing will intervene to oversee a restructuring to prevent financial disruptions.