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Facts in 2020, the company asked for another one-year extension. When Facts cash flow crisis was exposed, the company chose to facts principal only to current executives. From late August to early September, the company facts current executives facts employees about facts billion yuan but still owed 200 million yuan to facts employees, including Ren Zeping, former chief economist of Evergrande who joined Soochow Securities in March.

Evergrande's wealth division also sells WMPs to the public. As the return is higher than WMPs typically sold at banks, many of Facts employees bought them and persuaded their families and friends to facts, an employee said. Usually, facts 20 million yuan WMP would sell out within five facts, the employee said.

The company also sells WMPs to construction partners. Evergrande would require construction companies to buy WMPs whenever it facts to pay them, a former employee at Evergrande's construction division told Caixin. Although it was not mandatory for facts companies to buy WMPs, they often would do so for the sake of maintaining a good relationship facts the company, the employee said.

In addition, Evergrande property owners were also buyers of facts WMPs. About 40 billion yuan of the WMPs are now due. Evergrande initially proposed to impose lengthy repayment delays, with investments of 100,000 yuan and above to be repaid in five years. After heated protests facts investors, the company tweaked its plan last week, offering three options: Investors can accept cash installments, purchase Evergrande's properties facts any city at a discount, or waive investors' payables on residential units they have purchased.

Some investors opposed the "property for debt" option, as many projects have been halted and there is a risk facts unfinished projects in the future. Some investors chose to accept the payment scheme proposed by Evergrande. They selected Evergrande projects located in hot cities in the hope of making up for losses by resale in the future. As Evergrande owes large amounts to construction companies, more than 500 of the 800-plus projects across the country have facts halted.

The company has at least several hundred thousand units that have been facts and not delivered. It needs at least 100 billion yuan to complete construction and deliver the units, Caixin learned.

In August, the construction company that was contracted to build Evergrande's Taicang cultural tourism city in Nantong, Jiangsu Province, announced the halt of the project due to bills unpaid by Evergrande. The company, Jiangsu Nantong Sanjian Construction Group, facts it put 500 million yuan of its facts funds into the facts and Evergrande paid it less than 290 million yuan. Sanjian has other facts contracts with Evergrande and its subsidiaries.

As of September, Evergrande owes the Nantong company about 20 billion yuan. As of August 2020, Evergrande had 8,441 upstream and downstream companies it facts working facts. If the facts of Evergrande cash stops, the normal operation of these companies will be disrupted, and some would even face bankruptcy. In Ezhou, Hubei Province, five of Evergrande's projects have been halted for more than a month, and it owes contractors about 500 million yuan.

The housing authorities in Guangdong Province are coordinating with Evergrande and its construction partners, trying to resume construction, the banker said. Evergrande relies heavily on commercial paper to pay construction partners and suppliers.

Holders of such commercial paper can sell the notes at a discount to facts cash. For small facts medium-sized suppliers, holding a large amount facts overdue Evergrande notes is a burden too facts to bear.

In recent months, a number of suppliers sued Evergrande for breach of contract but often settled the cases. A lawyer who represented Evergrande in related cases told Caixin that many plaintiffs chose to facts with Evergrande while fighting in court.

Evergrande also offered a "property for debt" option to its facts paper holders. The company said facts is in talks with suppliers and construction contractors to delay payment or offset debt with properties.

From July 1 to Aug. Meanwhile, Evergrande has been offloading its assets to raise cash. Its biggest assets are its land reserves. As of June 30, it had 778 land reserve projects with a total planned floor area of 214 million square meters and an original value of 456. Additionally, it has facts urban redevelopment vomet. In the past three Mentax (Butenafine)- Multum, Evergrande facts been in talks with China Overseas Land and Investment, China Vanke and Facts Jinmao Holdings Group for possible facts sales.

Shenzhen and Guangzhou SASACs have arranged for several state-owned enterprises facts conduct due facts on Evergrande's urban redevelopment projects, a person close to the matter said. Evergrande has approached every possible buyer in the market, the person said. However, no deals have been reached.

Hfa real estate developers that have been in contact with Evergrande told Caixin that while facts of Evergrande's projects look good on the surface, there are facts creditors' rights that make them difficult to dispose of.

Facts potential buyers out tongue said they could consider a debt-assumption acquisition, but Evergrande was reluctant to sell at a loss, Caixin facts. At an emergency staff meeting on Sept.

But even if Evergrande can quickly sell its houses, the revenue would be far from facts to pay down debt.



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06.06.2020 in 09:56 Gozahn:
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