China Evergrande says made 10% repayment of wealth management products due Sept 30
A police officer stands close to the Chinese language flags and obstacles outdoors the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, September 30, 2021. REUTERS/Aly Track
BEIJING, Sept 30 (Reuters) – China Evergrande’s wealth administration unit has made a ten% compensation of wealth administration merchandise (WMPs) which can be due by Sept 30, the indebted developer stated on Thursday.
The cost was made on Thursday and related funds have been issued to buyers’ accounts, Evergrande stated in a discover posted on its web site.
China Evergrande, in widespread with different heavily-indebted conglomerates, issued high-yielding WMPs to buyers – a preferred method of borrowing that sidesteps authorities lending restrictions.
Reporting by Cheng Leng and Ryan Woo; modifying by Jason Neely
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