Evergrande says six execs have returned funds from advance redemption of products
Add BT as a preferred source
[SHANGHAI] Six executives of heavily indebted China Evergrande Group have returned funds from early redemptions of the company's investment products, the property group said on Saturday.
Evergrande, in a liquidity crisis with over US$300 billion in liabilities as offshore bondholders fear an imminent default, has not spoken publicly about missing recent interest payments to bondholders.
The redemption occurred earlier this year and all funds were returned in full before Friday, the company said in a statement.
It said it has imposed punishment and held the six accountable, but gave no details.
Between May 1 and Sep 7, the six executives made early redemptions of 12 investment products without identifying the executives or giving details on the nature of the products.
The company has epitomised China's freewheeling era of borrowing and building. Uncertainty about its ability to meet funding obligations - equal to 2 per cent of China's gross domestic product - has sent jitters through markets.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
