Evergrande says six executives have refunded money from pre-redemption of products

SHANGHAI – Six indebted CEOs China Evergrande Group On Saturday, the real estate group said it had returned funds from early redemptions of the company’s investment products.

Evergrande, in a liquidity crunch with more than $300 billion in commitments as overseas bondholders fear an imminent default HereHe hasn’t spoken publicly about losing recent interest payments to bondholders.

Evergrande creditors fear imminent default due to sector shakeout

The company said in a statement that the refund occurred earlier this year and all funds were returned in full before Friday. She said she imposed a penalty and held the six accountable, but did not give details.

The real estate group said on Saturday that six executives of debt-laden China’s Evergrande Group returned money from early redemptions of the company’s investment products. Photograph: Ali Song/Reuters (Reuters/Ali Song/Reuters Photo)

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

The company summed up the era of freedom of movement in China in borrowing and building. Uncertainty about its ability to meet financing commitments – equivalent to 2% of China’s GDP – has caused concern in the markets.

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The group has been hurt by recent credit rating cuts, as both S&P Global Ratings and Fitch Ratings have warned of the risk of default.

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