China Evergrande outlines interim repayment plan for retail investors - REDD

10/9/2021 12:17:00 PM

China Evergrande outlines interim repayment plan for retail investors - REDD

China Evergrande outlines interim repayment plan for retail investors - REDD

HONG KONG : Struggling property giant China Evergrande Group repaid matured wealth management products of less than 100,000 yuan (US$15,531) on Sept. 9 as part of an interim repayment plan for retail investors, financial information provider REDD reported on Friday.Citing three product holders who were br

HONG KONG : Struggling property giant China Evergrande Group repaid matured wealth management products of less than 100,000 yuan (US$15,531) on Sept. 9 as part of an interim repayment plan for retail investors, financial information provider REDD reported on Friday.

Citing three product holders who were briefed by investment representatives, REDD added those holding more than 100,000 yuan will have their payments extended by two to four years and amortized, with the first payment to be made next year.** Evergrande released an interim repayment plan on Thursday.

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9 as part of an interim repayment plan for retail investors, financial information provider REDD reported on Friday. Citing three product holders who were briefed by investment representatives, REDD added those holding more than 100,000 yuan will have their payments extended by two to four years and amortized, with the first payment to be made next year. Evergrande has delayed payments to several trust firms, REDD reported, adding that the company may suspend all payments to its wealth management products starting Sept. ** Evergrande released an interim repayment plan on Thursday. The bank also cut its recommendation to underweight from overweight. ** All interest will be paid after the principal amounts are fully repaid. Evergrande did not immediately respond to a Reuters request for comment. ** Payments to institutional investors will be suspended to an undecided date.

** REDD reported on Wed Evergrande may suspend all payments to its wealth management products starting Sept." Evergrande, which has around US$20 billion worth of international bonds, has seen its share price slump 85per cent over the last year and rating agencies have issued a flurry of warnings over the last couple of weeks that it could default. 8. (US$1=6.4387 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by David Evans) Source: Reuters .