Evergrande begins repaying wealth product investors with property

Above Article Content Ad

An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Picture/File Picture

BEIJING, Sept 19 (Reuters) – Money-strapped developer China Evergrande Group has begun repaying buyers in its wealth administration merchandise with actual property, a unit of its fundamental Hengda Actual Property Group Co Ltd unit stated.

Evergrande, with over $300 billion in liabilities, is within the throes of a that has left it racing to lift funds to pay its many lenders and suppliers. It has a bond curiosity fee of $83.5 million due on Thursday.

The corporate stated in a WeChat submit dated Saturday that buyers considering redeeming wealth administration merchandise for bodily property ought to contact their funding consultants or go to native workplaces.

Monetary information outlet Caixin reported on Sunday that an estimated 40 billion yuan ($6 billion) in Evergrande wealth administration merchandise are excellent. Such merchandise are usually held by retail buyers.

Particular fee strategies and particulars are topic to native situations, a customer support consultant advised Reuters on Sunday.

Based on a proposal seen earlier by Reuters that Evergrande didn’t affirm, wealth administration product buyers can select from discounted flats, workplace, retail area or automobile parks for compensation.

Earlier this month, a inventory change submitting confirmed that Evergrande had 219.5 million yuan in overdue money owed attributable to provider Skshu Paint Co Ltd within the type of flats in three unfinished property tasks.

On Sept. 10, Evergrande had all of its matured wealth administration merchandise as quickly as doable.

($1 = 6.4655 Chinese language yuan renminbi)

Reporting by Aishwarya Nair in Bengaluru and Min Zhang and Tony Munroe in Beijing; Enhancing by William Mallard


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button