Evergrande’s Overdue Wealth Products Become Crisis Flashpoint
- Protests across China may fuel concern over social unrest
- Thousands of people including Evergrande staff bought WMPs
(Source: Quicktake)
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China Evergrande Group’s high-yield consumer products have become a lightning rod for the embattled developer, with investors protesting losses and delayed payments from accounts marketed as safe.
More than 70,000 people across China have bought the wealth management products, Du Liang, general manager of Evergrande’s wealth division, said at a meeting with employees on Friday, according to people familiar with the matter. About 40 billion yuan ($6.2 billion) of them are now due, Caixin reported, citing people briefed by Du.