Evergrande Says Six Executives Have Returned Funds From Early Product Trade By Reuters

© Reuters. FILE PHOTO: The China Evergrande Center building sign is seen in Hong Kong, China, on September 23, 2021. REUTERS / Tyrone Siu

SHANGHAI (Reuters) – Six executives from China’s heavily indebted Evergrande group have returned funds from early repayments of the company’s investment products, the real estate group said on Saturday.

Evergrande, in a liquidity crisis with more than $ 300 billion in liabilities, as overseas bondholders fear imminent default https://www.reuters.com/world/china/chinese-markets-return- break-more-evergrande-angst-2021-10 -07, has not spoken publicly about the lack of recent interest payments to bondholders.

The redemption occurred earlier this year and all funds were returned in full by Friday, the company said in a statement. He said he imposed punishment and held all six responsible, but did not give details.

Between May 1 and September 7, the six executives made early redemptions of 12 investment products without identifying the executives or giving details about the nature of the products.

The company has epitomized China’s construction and loan-free era. Uncertainty about its ability to meet financing obligations, equivalent to 2% of China’s gross domestic product, has caused nervousness in the markets.

The group has been hit by recent ratings downgrades, and both S&P Global (NYSE 🙂 Ratings and Fitch Ratings warned of the risk of default.

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