Six Evergrande Execs Face ‘Severe Punishment’ Over Early Redemptions For Themselves

Read more on this subject: Business/ Commerce
News Story Source: by Tyler Durden
According to the Financial Times, over 40 group executives had personally invested in its investment products – with six of them securing early redemptions. All six will return the money.

"All funds redeemed by the managers must be returned and severe penalties will be imposed," said the company, which has offered to repay investors with discounted apartments and parking lots.

Shares in the Hong Kong-listed Evergrande fell as much as 18.9% on Monday, sending shockwaves throughout international markets over 'broader concerns about the health of China's real estate sector.' At present, over 500 of Evergrande's 800+ projects across China are halted – with at least several hundred thousand units which have been presold yet not delivered. To complete construction, the company needs at least 100 billion yuan (US$15bn).

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