The chairman of insolvent real estate giant China Evergrande, Hui Ka Yuan, is spreading confidence. In a letter to employees reported by local media on Tuesday, Hoy wrote that the company is sure to leave its “darkest hours.”
At the same time, he promised that the company, which has been holding investors around the world for weeks, would finish real estate projects as promised and fulfill its responsibilities towards buyers, investors and banks. A spokesman for China’s second-largest real estate developer confirmed the contents of the letter.
Evergrande has accumulated a mountain of $305 billion in debt and is now facing problems servicing creditors. At the end of the week, the troubled group announced that it wants to pay investors for its asset management products through real estate. Investors interested in returning asset management products for physical assets should contact an investment advisor or visit a local branch.
On Tuesday, the stock lost again significantly. It has already collapsed this year by more than 84 percent.
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