At 11 p.m. on the night of September 22, embattled Chinese property developer Evergrande Group held a special internal meeting. Chairman Xu Jiayin told more than 4,000 leaders at all levels attending the meeting that it is the obligation and responsibility of the company to carry out construction projects with good quality and quantity.
Xu said at the meeting that only by fully resuming production, sales and operations can Evergrande protect the rights and interests of consumers and clients and ensure the smooth redemption of wealth management product investors. Only then, he added, will the firm be able to solve the redemption of commercial tickets of upstream and downstream partners, and continuously repay the loans of financial institutions. Xu affirmed that the whole group should devote itself to resuming work, production and delivery.
Xu also stressed that it is necessary to do a good job of redemption according to the three announced plans, especially in the physical redemption cases.
Pandaily previously reported that Evergrande has disclosed three redemption plans: Cash installments; residential buildings, apartments, office buildings, shops and parking spaces; or various alternative “debt repayment” redemption plans. Investors can choose one or combine any two or three of the three plans for redemption.
In addition, the firm’s HK stock collectively rose. China Evergrande Group increased consistently at the beginning of today’s trading, and the increase expanded to 30%; Evergrande Property Services Group rose by 12%; China Evergrande New Energy Vehicle Group rose by nearly 15%; finally, HengTen Networks Group rose by over 10%.