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Evergrande says six execs have returned funds from advance redemption of products


SHANGHAI, Oct 9 (Reuters) – Six executives of closely indebted China Evergrande Group (3333.HK) have returned funds from early redemptions of the corporate’s funding products, the property group stated on Saturday.

Evergrande, in a liquidity disaster with over $300 billion in liabilities as offshore bondholders worry an imminent default, has not spoken publicly about lacking current curiosity funds to bondholders.

The redemption occurred earlier this 12 months and all funds have been returned in full earlier than Friday, the corporate stated in a press release. It stated it has imposed punishment and held the six accountable, however gave no particulars.

Between May 1 and Sept. 7, the six executives made early redemptions of 12 funding products with out figuring out the executives or giving particulars on the character of the products. learn extra

The firm has epitomised China’s freewheeling period of borrowing and constructing. Uncertainty about its potential to fulfill funding obligations – equal to 2% of China’s gross home product – has despatched jitters by markets. learn extra

The group has been hit by current rankings downgrades, with each S&P Global Ratings and Fitch Ratings warning of the danger of default. learn extra

Reporting by Engen Tham in Shanghai

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