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China Evergrande says made 10% repayment of wealth management products due Sept 30 By Reuters

by Mike Robinson

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© Reuters. One police officer is seen standing near Chinese flags and barricades outside China Evergrande Group headquarters in Shenzhen. This was September 30, 2021. REUTERS/Aly Song

BEIJING (Reuters) – China Evergrande’s wealth management unit has made a 10% repayment of wealth management products (WMPs) that are due by Sept 30, the indebted developer said on Thursday.

Evergrande posted a notice on their website stating that the payment was made Thursday and that relevant funds were issued to investor accounts.

China Evergrande issued WMPs with high yields to investors, a common practice among conglomerates that are heavily indebted. This is a popular method of borrowing, which bypasses restrictions from the government.

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