According to a report by Bloomberg on Thursday, financial regulators recently urged Evergrande representatives to avoid the recent USD bond defaults and focus on repaying individual investors — but not providing financial support.
Analyst Capital Investment Macro estimates that as of the end of June, Evergrande has committed to complete approximately 1.4 million properties — approximately 1.3 trillion yuan (US$200 billion) of pre-sale liabilities.
Xu JiayinThe billionaire who founded Evergrande in 1996 convened a meeting of more than 4,000 Evergrande executives before midnight on Wednesday, asking them to “go all out to resume work and production and ensure the delivery of properties,” the state-owned China Securities Journal reported.
According to the “Wall Street Journal” report, he also stated that the group must “make every effort to achieve” the company’s previously announced payment plan.
The private conglomerate had previously offered to repay part of its debt in kind, promising to provide parking spaces and commercial units to creditors, including suppliers, contractors and investors, instead of cash.
