Investing

China’s Evergrande to Let Angry Investors Bid on Discounted Properties

Developer is said to release new details on repayment tplan
Products are offered by Evergrande’s own wealth affiliate

WATCH: Evergrande is said to be readying a fire sale of unsold properties as it seeks to alleviate a severe liquidity crunch and pay off angry investors as well as avoid an outright collapse. Stephen Engle reports.(Source: Bloomberg)

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By Bloomberg News

September 16, 2021 at 12:37 PM UTC

Updated on

September 17, 2021 at 1:58 AM UTC

This article is for subscribers only.

China Evergrande Group plans to let consumers and staff bid on discounted properties this month to repay them for billions in overdue investment products as the embattled developer seeks to preserve cash, according to people familiar with the matter.

The company will organize an online property event by Sept. 30 for investors who opt for discounted real estate in lieu of cash, said two employees who were briefed on an internal call Thursday and asked not to be identified. Evergrande didn’t respond to a request for comment on the plan.