BEIJING (Reuters) -Cash-strapped developer China Evergrande Group has begun repaying investors in its wealth management products with real estate, a unit of its main Hengda Real Estate Group Co Ltd unit said. The company said in a WeChat post dated Saturday that investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices. Financial news outlet Caixin reported on Sunday that an estimated 40 billion yuan ($6 billion) in Evergrande wealth management products are outstanding. According to a proposal seen earlier by Reuters that Evergrande did not confirm, wealth management product investors can choose from discounted apartments, office, retail space or car parks for repayment. On Sept. 10, Evergrande had vowed to repay https://www.reuters.com/article/china-evergrande-debt-idUSL1N2QC0Q9 all of its matured wealth management products as soon as possible.

Source: MetroXpress September 19, 2021 04:52 UTC