if you want to buy apple account, choose buyappleacc.com, buyappleacc.com is a best provider within bussiness for more than 3 years. choose us, you will never regret. we provied worldwide apple developer account for sale.
HONG KONG/SINGAPORE - China Evergrande Group will make it a top priority to help retail investors redeem their investment products, its chairman said, as uncertainty looms over a bond interest payment the indebted property developer is due to make on Thursday.
Chairman Hui Ka Yan's statement at a late-night meeting on Wednesday came after the developer said it had resolved a coupon payment on a domestic bond, pushing the company's stock price to its biggest single-day percentage rise in a year.
Analysts said the moves underscored political pressure on Evergrande, whose liabilities run to 2% of China's gross domestic product, to contain the fallout from its credit crunch and protect mom-and-pop investors over professional creditors.
Global markets have been on tenterhooks in recent weeks as looming payment obligations of Evergrande, which has a $305 billion mountain of debt, triggered fears its difficulties could pose systemic risks to China's financial system.
The company, China's second-biggest property developer, has $83.5 million in dollar-bond interest payments due on Thursday on a $2 billion offshore bond and a $47.5 million dollar-bond interest payment due next week.
Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates.
A company spokesperson did not immediately respond to request for comment on its payment obligation due on Thursday.
Evergrande, which epitomised the borrow-to-build business model and was once China's top-selling developer, ran into trouble over the past few months as Beijing tightened rules in its property sector to rein back debt levels and speculation.
Investors worry that the rot could spread to creditors including banks in China and abroad, though analysts have been downplaying the risk that a collapse would result in a "Lehman moment", or a systemic liquidity crunch.
Without mentioning the offshore debt, Evergrande's chairman urged his executives to ensure the quality delivery of properties and redemption of wealth management products, which are typically held by millions of retail investors in China.
There is mounting pressure on the company to act as the frustration of homebuyers and retail investors who have sunk their savings into its properties and products grows.
"Assuming this situation goes the way of a debt restructuring ... we think the retail investor nature of the wealth management products would be prioritised for social stability," said Ezien Hoo, credit analyst at OCBC Bank.
Foreign investors, who hold paper issued by Evergrande's offshore entities, might find it harder to get paid as they had "lower bargaining power versus other lenders closer to the assets", he said.