Evergrande starts repaying investors with discounted properties

Evergrande starts repaying investors with discounted properties

The company has more than $300bn in liabilities and is facing a liquidity crisis. It is working to raise funds to repay its lenders and suppliers, Reuters reported.

China Evergrande Group has reportedly started repaying investors in its wealth management products with real estate.

On 23 September 2021, Evergrande has a bond interest payment of $83.5m.

The company said in a WeChat post dated Saturday, September 18, that investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices.

Financial news outlet Caixin reported on Sunday, September 19, that an estimated 40 billion yuan ($6 billion) in Evergrande wealth management products are outstanding. Such products are typically held by retail investors.

Specific payment methods and details are subject to local conditions, a customer service representative told Reuters on Sunday.

According to a proposal seen earlier by Reuters that Evergrande did not confirm, wealth management product investors can choose from discounted apartments, office, retail space, or car parks for repayment.

Earlier this month, a stock exchange filing showed that Evergrande had repaid 219.5 million yuan in overdue debts due to supplier Skshu Paint Company Ltd in the form of apartments in three unfinished property projects.

On September 10, Evergrande had vowed to repay all of its matured wealth management products as soon as possible.

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