Evergrande Late Night Announcement

Release time:Apr 16, 2024 21:45 PM

On the evening of September 18th, China Evergrande announced on the Hong Kong Stock Exchange that the company had noticed media reports that the management personnel of Evergrande Financial Wealth Management Shenzhen Co., Ltd. had been subjected to criminal coercive measures. The company has clarified that Evergrande Wealth is an indirect wholly-owned subsidiary of the company, and its related personnel have been subject to criminal coercive measures in accordance with the law, which will not affect the company's business operations.

In addition, the announcement mentions that the company has also taken note of media reports on the insurance business of Evergrande Life Insurance Co., Ltd. and the corresponding asset and liability transfers. Evergrande Life Insurance is a 50% shareholder of the company. The insurance business and corresponding asset and liability transfers of Evergrande Life Insurance have no significant impact on the company's current business operations.

On September 16, Shenzhen Nanshan Public Security WeChat official account released a case circular, saying that recently, the public security authorities have taken criminal coercive measures against Du and other suspected criminals of Evergrande Financial Wealth Management Co., Ltd. according to law. If investors need to report, they can register for reporting.

On August 31, Evergrande's WeChat official account announced that due to the company's asset disposal progress was not as expected, the asset disposal funds were not available, and the redemption of this month could not be carried out. The subsequent redemption arrangements will be announced separately by the company.

Previously, on May 31, 2023, Evergrande Wealth announced that since September 2021, the company has been fully promoting asset disposal to raise funds for redemption, completing a total of 20 redemption periods and conducting monthly redemption on the same day. Due to the unsatisfactory situation of the company's fund withdrawal, there was insufficient available funds for redemption in the current month, and it was not possible to redeem according to the original standards. The company will continue to promote asset disposal and strive to raise funds for redemption.

In September 2021, Evergrande Wealth's expired wealth products were unable to be redeemed due to overdue payments. At that time, Evergrande Wealth's redemption plan was for the portion that had already matured, and a cash redemption plan could be chosen: 10% to be redeemed at the end of the month of maturity, and the remaining 10% to be redeemed every three months. For the portion that is required to be redeemed in advance due or not due, physical assets can be used to offset: 7.2% off for residential properties, 5.4% off for apartments, and 4.8% off for shops and parking spaces. Online house selection will be launched at the end of each month, including the income from the subscription date to the day of successful application. But the premise is that the mortgage price shall not be lower than the lower limit of the local filing price, otherwise the latter shall prevail; The third payment method is to offset the final payment for the purchase of a house: For those who have subscribed to any Evergrande house before 24:00 on September 12th but have not yet paid the final payment, the wealth management quota can be used to offset the final payment for the purchase of the house by themselves or others.

Subsequently, Evergrande Wealth announced the "Evergrande Wealth Investment Product Redemption Plan" on its official website on December 31, 2021. In December 2021 and January and February 2022, Evergrande Wealth paid a monthly principal of 8000 yuan to each investor. If the remaining principal is less than 24000 yuan, the remaining principal shall be fully paid. From March 2022 onwards, Evergrande Wealth announced that it will actively raise funds and further improve its subsequent redemption plan. The subsequent redemption plan will be announced in late March 2022.

On November 30, 2022, Evergrande Wealth announced once again on its official website that it would adjust the redemption plan released on December 31, 2021 from the current monthly redemption of 8000 yuan per person to 2000 yuan per person.

As of December 31, 2022, the total outstanding principal and interest of Evergrande Wealth amounted to approximately 34 billion yuan.

On August 30th, according to information from China Execution Public Information Network, Evergrande Financial Wealth Management Co., Ltd. has been listed as a dishonest debtor in a labor dispute case due to its refusal to fulfill its obligations under effective legal documents due to its ability to perform. According to the case process information, in June of this year, the company was forced to execute the case for more than 54000 yuan.

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