Between May 1 and Sept. 7, the six executives made early redemptions of 12 investment products, Evergrande said in a statement on its website, without identifying the executives or giving details on the nature of the products.
"Regarding the early redemption of Evergrande wealth investment products by some managers, the group company views the matter seriously," the company said. Evergrande said it had requested that all the funds redeemed by the six managers in advance be returned within a certain time frame.Evergrande, with over $300 billion in liabilities, is in the throes of a liquidity crisis that has left it racing to raise funds to pay its many lenders and suppliers.
The company has epitomised China's freewheeling era of borrowing and building. Uncertainty about its ability to meet funding obligations - equal to 2% of China's gross domestic product - has sent jitters through markets. The group has been hit by recent ratings downgrades, with both S&P Global Ratings and Fitch Ratings warning of the risk of default.- Reuters
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As China Evergrande’s debt crisis deepens, unpaid small business owners speak of despair | Malay MailSHENZHEN, Sept 16 — Wu Lei says his small construction company in central China has accepted commercial paper from property developer Evergrande as payment for two years but with that paper’s value now in doubt, his firm is on the verge of collapse. China Evergrande Group, saddled with more...
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