The recent default of property developer China Evergrande Group is an individual case and will pose little impact on the market, the country's regulatory authorities said Friday.

Evergrande's problem was mainly caused by its own mismanagement and break-neck expansion, an official with the People's Bank of China (PBOC) told the press when asked to comment on Evergrande's recent default on guarantee obligation.

The overseas U.S. dollar bond market is quite mature with well-defined legal provisions and procedures on how to deal with relevant issues and its investors are good at risk identification, said the official. "The risks caused by a certain individual real estate firm in the short term will not undermine the fund-raising function of the market for the medium and long run."

Housing sales, land purchases and financing have already returned to normal in China. Some Chinese property developers are beginning to buy back their overseas bonds, and investors are also starting to buy dollar bonds issued by Chinese property developers, according to the PBOC.

China is committed to creating a level-playing field and advancing the two-way opening-up of its financial markets. Relevant Chinese authorities will continue to communicate with their overseas regulatory counterparts, said the central bank.

The PBOC stated that companies issuing bond overseas and their shareholders will be urged to strictly follow market disciplines, properly handle their debt issues, and meet their debt obligations in accordance with law and market principles. For those firms which would like to make outward remittances for debt repayment or bond buy-back purposes, relevant authorities in China will support and facilitate their efforts under the existing policy framework.

The PBOC supported the provincial government of Guangdong in sending a team of advisors to the firm, noting that this will help Evergrande resolve its risks, enhance its internal risk management and maintain normal business operation.

"We will continue to work together with the provincial government of Guangdong, the relevant agencies as well as local governments in risk resolution, with the aim of promoting stable and healthy development of the real estate sector, and safeguarding lawful rights and interests of home buyers," the PBOC official said.

"We believe that regulatory authorities in relevant jurisdictions would handle this issue in a law-based and fair manner," a spokesman with the China Banking and Insurance Regulatory Commission (CBIRC) said.

Noting the current default will not have negative impact on the safe and sound operation of China's banking and insurance industries, the spokesman said there will be no change for the principles and stance upheld by the financial regulatory agencies in protecting the legitimate rights of consumers, investors and businesses according to the law.

There will be no change for China's market-oriented financial reform and opening-up under the rule of law and in accordance with international standards, said the spokesman.

Currently, Guangdong provincial government, other relevant local governments and agencies are guiding and urging Evergrande Group and its affiliates to resolve risks steadily and orderly in accordance with laws and regulations, and to proactively resume and complete housing construction for delivery to buyers. Financial institutions including banks and insurance companies are also actively participating in relevant work, said the CBIRC.

China's real estate industry as a whole remains robust, and most property firms are focusing on and properly managing their main lines of business, said the China Securities Regulatory Commission (CSRC).

"Currently, the A-share market remains stable, resilient and active," said the securities regulator, stressing that the potential overflow effect of Evergrande's risks on the stability of China's capital markets is under control.

The default rate on the exchange bond market has been at a relatively low level of 1%, and public companies and bond issuers with real-estate businesses have kept their major financial metrics intact, it said.

To promote the stable and sound development of both the capital markets and real estate industry in China, the CSRC said it will continue to maintain the effective fund-raising function of the country's capital markets and support the normal financing needs of real estate companies.