China Evergrande Unable to Pay Wealth Products Due to Cash Crunch
Residential buildings at the City Plaza project, developed by China Evergrande Group, in Beijing, China.
Source: Bloomberg
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China Evergrande Group’s money management arm said it couldn’t make payments for investment products this month due to a liquidity crunch.
The developer said that it’s been disposing assets to raise money for the payments, but due to setbacks it didn’t receive proceeds and is unable to make the payments, the company said on its official WeChat account on Thursday.