Evergrande begins repaying wealth product investors with property By Reuters

BEIJING (Reuters) -Money-strapped developer China Evergrande Group has begun repaying traders in its wealth administration merchandise with actual property, a unit of its foremost Hengda Actual Property Group Co Ltd unit mentioned.

Evergrande, with over $300 billion in liabilities, is within the throes of a liquidity disaster https://www.reuters.com/enterprise/exclusive-china-evergrandes-lenders-weigh-up-loan-losses-rolling-over-credit-2021-09-17 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 mentioned in a WeChat put up dated Saturday that traders keen on redeeming wealth administration merchandise for bodily belongings ought to contact their funding consultants or go to native places of work.

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 sometimes held by retail traders.

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

In accordance with a proposal seen earlier by Reuters that Evergrande didn’t affirm, wealth administration product traders can select from discounted flats, workplace, retail area or automobile parks for reimbursement.

Earlier this month, a inventory trade submitting confirmed that Evergrande had repaid https://www.reuters.com/enterprise/fitch-downgrades-china-evergrande-sees-probable-default-2021-09-08 219.5 million yuan in overdue money owed as a consequence of provider Skshu Paint Co Ltd within the type of flats in three unfinished property tasks.

On Sept. 10, Evergrande had vowed to repay https://www.reuters.com/article/china-evergrande-debt-idUSL1N2QC0Q9 all of its matured wealth administration merchandise as quickly as potential.

($1 = 6.4655 renminbi)