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Distressed real estate developer China Evergrande Group said it had asked six executives who received refunds before maturity for their wealth management products for a full refund by a designated date and would administer severe penalties.

It comes days after a report from financial media Caixin that a handful of Evergrande executives had received refunds for unripe products.

As of May 1, 2021, a total of 44 senior Evergrande executives had purchased the company’s wealth management products and eight had received nine repayments due between May 1 and September 7.

During the same period, 13 new purchases of nine people were made while six were reimbursed for 12 of their purchases that were not yet due. As of September 8, 39 executives still had 50 purchases of wealth management products, the statement said.

The world’s most indebted developer, with total liabilities of over $ 300 billion, remains deeply entangled in a liquidity crunch that sparked widespread speculation over the bankruptcy and reorganization of one of the country’s largest developers , what the company claimed on Monday was “totally wrong.”

Evergrande has undertaken to strictly apply the repayment plans previously offered to holders of its wealth management products. The company would do everything possible to ensure fairness and justice and treat everyone equally, the statement said.

Evergrande earlier announced its payment plans for investors in its wealth management products, many of whom are its own employees.

According to a previous report in the media, three payment methods were offered.

Investors can choose to receive repayments in cash installments, accepting now 10% of their principal and interest on matured products and the remainder in installments of 10% each quarter. Or, they can accept payments through real estate assets or use the current product value to offset the balance of any Evergrande residential unit purchased.

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