China Evergrande says made 10% repayment of wealth management products due Sept 30

Headquarters of China Evergrande Group in Shenzhen

BEIJING (Reuters) – China Evergrande’s wealth management unit has made a 10% repayment of wealth management products (WMPs) that are due by Sept 30, the indebted developer said on Thursday.

The payment was made on Thursday and relevant funds have been issued to investors’ accounts, Evergrande said in a notice posted on its website.

China Evergrande, in common with other heavily-indebted conglomerates, issued high-yielding WMPs to investors – a popular way of borrowing that sidesteps government lending restrictions.

(Reporting by Cheng Leng and Ryan Woo; editing by Jason Neely)