Caixin
Jan 01, 2022 04:35 AM
FINANCE

Evergrande Dials Back Payment Plan for Overdue Wealth Products

Missed payments on 40 billion yuan of wealth investments sold by Evergrande to retail investors have sparked nationwide demonstrations
Missed payments on 40 billion yuan of wealth investments sold by Evergrande to retail investors have sparked nationwide demonstrations

(Bloomberg) — China Evergrande Group dialed back payment plans on billions of dollars of overdue wealth management products as its liquidity crisis showed little sign of easing.

Evergrande will now pay each investor 8,000 yuan ($1,255) a month toward their principal between December and February 2022, according to a statement on the website of the firm’s wealth unit. Under the previous plan, investors could expect a higher amount, depending on the amount they had invested.

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