More than 70,000 people bought the products, including many Evergrande employees, Bloomberg reported earlier, citing an executive of Evergrande’s wealth division. About 40 billion yuan of the products are now due, Caixin reported.
China Evergrande Group kicked off a process on Saturday to repay investors in its overdue investment products with discounted properties.
Investors who opt for discounted real estate in lieu of cash can start contacting wealth managers for more details, Evergrande’s wealth division said in a post on its Wechat account.
