Unable to proceed with redemption in August! Evergrande's official announcement again

Release time:Apr 16, 2024 02:50 AM

On the last day of August, long-awaited investors finally received new news from Evergrande Wealth, but unfortunately, it was the "bad news" that Evergrande Wealth did not redeem.

On August 31st, Evergrande Wealth announced on its official WeChat account that due to the company's slower than expected progress in asset disposal and failure to obtain funds for asset disposal, the company is unable to proceed with this month's redemption. Subsequent redemption arrangements will be announced separately.

It has been 3 months since the last redemption announcement was released on the official website of Evergrande Wealth. On May 31st, Evergrande Wealth stated that it was unable to redeem the funds according to the original standards due to unsatisfactory withdrawal of funds.

It is worth mentioning that in late August, China Evergrande released a related internal control report, which revealed that Evergrande Wealth and others had raised up to 92.1 billion yuan at one point. However, due to difficulties in redemption, sales were stopped, and as of the end of 2022, there was still 34 billion yuan outstanding.

Unable to redeem directly in August

The redemption of Evergrande Wealth is becoming increasingly difficult.

On August 31st, Evergrande Wealth announced directly on its official WeChat account that due to the slower than expected progress of asset disposal and the lack of funds for asset disposal, it was unable to proceed with this month's redemption. Subsequent redemption arrangements will be announced separately.

This means that the redemption arrangement of Evergrande Wealth has once again undergone changes.

Looking back at the past, in the initial stage of September 2021, Evergrande Wealth disclosed three redemption plans: cash installment redemption, physical asset redemption, and offsetting the final payment for purchasing a house.

Unable to proceed with redemption in August! Evergrande's official announcement again

Meanwhile, Evergrande Wealth's redemption plan has also undergone several changes. The first change in the redemption plan was on December 31, 2021. Due to the unsatisfactory withdrawal of project funds from Evergrande Wealth Investment, the redemption plan was adjusted to pay a monthly principal of 8000 yuan to each investor.

The second change in the redemption plan is on November 30, 2022. Evergrande Wealth will adjust the monthly redemption of 8000 yuan per person to 2000 yuan per person.

On May 31, 2023, Evergrande Wealth changed its redemption plan for the third time. At that time, Evergrande Wealth stated that since September 2021, the company has been fully promoting asset disposal to raise funds for redemption, completing a total of 20 redemption periods. However, due to the unsatisfactory situation of the company's fund withdrawal, the available redemption funds for the month were insufficient, and it was not possible to redeem 2000 yuan according to the original standard.

According to investors related to Evergrande Wealth, in the past two years, investors with small amounts of around 100000 yuan have basically completed the redemption. In May of this year, 467 yuan was redeemed, 458 yuan was redeemed in June, 195 yuan was redeemed in July, and it was announced in August that they were unable to redeem.

In fact, some investors argued with Evergrande about the initial redemption plan, which was not widely recognized by everyone.

It is worth mentioning that Xu Jiayin, Chairman of the Board of Directors of China Evergrande, once stated at the Evergrande Wealth Special Meeting that it is necessary to ensure that all matured wealth products are fully redeemed as soon as possible, and not a penny is missing. Xu Jiayin also said, "I can have nothing, but investors of Evergrande Wealth cannot have nothing."

Unpaid principal and interest with a remaining balance of approximately 34 billion yuan

How many "holes" do Evergrande Wealth still have to be redeemed? Previously, China Evergrande's internal control report revealed details.

On August 21st, China Evergrande released the "Main Results of Internal Control Evaluation and Review of Certain Issues raised by Former Auditors", which detailed the situation of Evergrande Wealth.

It is reported that Evergrande Wealth has registered and approved the issuance of targeted financing products through third-party issuers through various regional financial product exchanges. China Evergrande's subsidiaries have initiated multiple issuance plans for fixed term financing products through Evergrande Wealth due to their funding needs. Evergrande Wealth coordinates with the issuing entity to register and file various fixed term financing products on the Golden Exchange; After completing the registration and filing of fixed financing products, the issuing entity issued multiple fixed financing products.

At the same time, Evergrande Wealth coordinated the issuance of fixed financing products to raise funds, which ultimately flowed into the Evergrande system in China through four main methods: investment by the issuing entity for various project companies on Evergrande's balance sheet, borrowing, discounting commercial acceptance bills issued for China Evergrande, and investing in China Evergrande bonds.

In August 2021, due to difficulties in redemption, Dingrong products were completely discontinued from external sales. According to statistics from China Evergrande, the total fundraising amount from the launch of self financing products to the cessation of sales involved 92.1 billion yuan.

As of December 31, 2022, the total outstanding principal and interest of Evergrande Wealth amounted to approximately 34 billion yuan. This is the first time Evergrande has disclosed the detailed operation, termination, and latest redemption status of Evergrande Wealth.

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