Distressed Chinese real estate developer China Evergrande has reportedly received a cash infusion of RMB 7bn ($1.1bn) from billionaire Chairman Hui Ka Yan. As per China Business News, sources said that Hui raised the funds by selling off his personal assets and share pledges. Bloomberg Intelligence’s Daniel Fan added that his associate has pledged two houses on the prestigious Peak in Hong Kong as collateral for an HKD 821mn ($105mn) loan that could help the company meet its overdue payments.
Evergrande’s dollar bonds continue to trade at distressed levels of 20-24 cents on the dollar.
For the full story, click here