Chinese real estate conglomerate Evergrande, strangled by $ 300 billion in debt, faces a $ 83.5 million deadline on Thursday. To avoid a suspension of payments that could have serious repercussions on the Chinese market, Evergrande on Saturday offered on WeChat to reimburse investors in its real estate wealth management funds. Investors who so wish can contact the local Evergrande offices to be reimbursed for apartments, offices, commercial spaces or even parking spaces. According to financial media Caixin, Evergrande has issued approximately $ 6 billion in wealth management products to individual or financial investors. Already last weekthe Chinese group had repaid a debt of 34 million dollars with its supplier Skshu Paint in the form of apartments located in three unfinished real estate projects.
At the end of August, the Chinese authorities had summoned the officials of Evergrande to demand that they
"actively"
resolve
their cash flow problems. Evergrande, one of China's largest private groups, employs 200,000 people and generates 3.8 million jobs in China. Its founder, Xu Jiayin, the fifth fortune of the country, according to the Chinese specialist firm Hurun, has benefited from the real estate speculation which reigns in China to grow by increasing the number of acquisitions. Victim of the Covid crisis which froze real estate transactions, he now finds himself short of liquidity and facing a gigantic debt.
