-
China Evergrande Unable to Pay Wealth Products Due to Cash Crunch
China Evergrande Group’s money management arm said it couldn’t make payments for investment products this month due to a liquidity crunch. The developer said that it’s been disposing assets to raise money for the payments, but due to setbacks it didn’t receive proceeds and is unable to make the payments, the company said on its official WeChat account on Thursday. Evergrande, the poster child for China’s property crisis, is among a number of real estate firms that defaulted amid a housing meltdown over the last few years. Its protracted process to finalize one of the country’s biggest restructurings ever ... (full story)