Evergrande Changes Terms of Wealth Product Redemptions

MSN: Cash-strapped China Evergrande revises payment plan for wealth unit investors

China Evergrande Group on Friday dialled back plans to repay investors in its wealth management products, in a move that highlights the deepening liquidity squeeze at the property developer that has failed to meet its offshore debt obligations.

Evergrande, whose $19 billion in international bonds are deemed to be in cross-default by rating agencies after the developer missed a deadline to pay coupons earlier this month, did not pay offshore coupons due earlier this week.

The developer has been scrambling to raise cash by selling assets and shares to repay suppliers and creditors.

Chinese coverage here: 恒大财富突然调整兑付方案！回笼资金不理想终止原方案 来看最新方案