China Evergrande Unit Misses Payments on Wealth Management Products

What’s new: A subsidiary of debt-riddled property giant China Evergrande Group in May failed to repay investors in its wealth management products a previously promised amount.

Evergrande Wealth attributed the incident to a shortage of cash, according to a Wednesday statement.

To meet its obligations, Evergrande Wealth will “continue to push for asset disposal and strive to raise capital for repayments,” the statement said.