#Gross beat banks update#

It had also agreed to make follow up payments to the wealth management product investors every three months afterwards, until the debt Evergrande owed to an investor is cleared, according to state media reports earlier this year.Д®vergrande said in a statement posted on the wealth unitвЂ™s website on Friday that the company would вЂњactively raise fundsвЂќ, and update the repayment plan in late-March. Once ChinaвЂ™s top selling developer and now reeling under more than $300 billion in liabilities, Evergrande had earlier not mentioned any amount and had agreed to repay 10% of the investment by the end of the month when the product matures.

The developer has been scrambling to raise cash by selling assets and shares to repay suppliers and creditors.Д®vergrande said on Friday that each investor in its wealth management product could expect to receive 8,000 yuan ($1,257) per month as principal payment for three months starting this month irrespective of when the investment matures. China Evergrande Group on Friday dialled back plans to repay investors in its wealth management products, in a move that highlights the deepening liquidity squeeze at the property developer that has failed to meet its offshore debt obligations, according to Reuters.Д®vergrande, whose $19 billion in international bonds are deemed to be in cross-default by rating agencies after the developer missed a deadline to pay coupons earlier this month, did not pay offshore couponsВ due earlier this week.

Gross beat banks