Evergrande says six executives have returned funds from pre-redemption of products

Shangai — Six executives from the China Evergrande Group, which has heavy debt, have returned funds from the early redemption of their investment products, the real estate group said Saturday.

Evergrande has not publicly spoken about the recent lack of interest payments to bondholders in a liquidity crisis where offshore bondholders have debts in excess of $ 300 billion for fear of imminent default.

The company said in a statement that the redemption took place earlier this year and that all funds had been fully repaid by Friday. He said it imposed punishment and held six people accountable, but did not provide details.

Between May 1st and September 7th, six executives made early redemptions of 12 investment products, but their identities were not revealed and details about the nature of the products were provided. Not.

The company symbolizes China’s bohemian borrowing and construction era. Uncertainty about its ability to meet its funding obligations, which is equivalent to 2% of China’s gross domestic product, is disrupting the market.

The group has been hit by a recent downgrade and both S & P Global Ratings and Fitch Ratings have warned of default risks.

By Engen Tham