Translated by: MOS Finance Team – Leah
Liberty Times reported on September 20 that Evergrande Group’s financial crisis continue to worsen. Its subsidiary, Evergrande Wealth, is in hot water with about forty billion RMB wealth management products overdue payments.
On September 18, Evergrande Wealth started the process of using physical assets to repay their investors. Those tangible assets include residential buildings, offices and stores and parkings which all at discount price 28%, 46% and 52% respectively.
According to the record, more than 70,000 people have purchased the investment products from Evergrande Wealth, including many employees of Evergrande Group.
The option to take physical assets as repayment is the lesser of two evils. Those investors either loss every penny tied in those financial paper products or they continue to pay all the fees associate with the hard assets because their role switching from investor to property purchaser. Once again, they are trapped by Evergrande.
Xu Jiayin is the legitimate front for the CCP who are stealing wealth from the Chinese people, so the explosion of Evergrande’s debt is inevitable. It is reported that financial institutions, such as Agricultural Bank of China, Minsheng Bank and CITIC Bank, have started to prepare for the sudden collapse of Evergrande group. Along with that, more people’s hard-earned money will be evaporated.
Proofread by: Mr. Z
Posted by: Mr. Z
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