China Evergrande outlines interim repayment plan for retail investors – REDD

An exterior view of China Evergrande Centre in Hong Kong
FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip

September 10, 2021

HONG KONG (Reuters) – Struggling property giant China Evergrande Group repaid matured wealth management products of less than 100,000 yuan ($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.

** All interest will be paid after the principal amounts are fully repaid.

** 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. 8.

($1 = 6.4387 Chinese yuan renminbi)

(Reporting by Clare Jim; Editing by David Evans)