Evergrande: Six executives bought back investment products in advance
Severe penalties would be imposed, the company said.

Six executives from China's highly indebted Evergrande bought back some of the company's investment products early this year, the real estate company said on Saturday. Between May 1 and September 7, the six executives bought back 12 investment products early, Evergrande said in a statement on its website, without identifying the executives or giving details of the type of products. "As for the early withdrawal of Evergrande wealth investment products by some managers, the company takes this matter very seriously," said the company. Evergrande said it had requested that all funds prepaid by the six managers be returned within a certain timeframe. In addition, severe penalties would be imposed, the company said. Evergrande, with debt exceeding $ 300 billion, is in a liquidity crisis that has put the company in a race to raise funds to pay its numerous lenders and suppliers. The company epitomizes China's more permissive era of borrowing and building. Uncertainty as to whether the company will be able to meet its funding obligations, which equate to 2% of China's gross domestic product, has unsettled the markets. Both S&P Global (NYSE: SPGI) Ratings and Fitch Ratings warned of the risk of the company's insolvency and downgraded its credit ratings
