China Evergrande Group’s Chairman Hui Ka Yan has reportedly injected more than 7 billion yuan in order to boost liquidity in the company as reported by Bloomberg citing China Business News.
Hui raised funds by disposal of personal assets and share pledges, China Business News reported citing unidentified sources close to the company.
According to Cailian newspaper, Evergrande is to merge some departments and make changes in personnel by November 30.
In another development, Asia’s oldest hedge fund manager LIM Advisors started buying distressed bonds of Chinese developers rationalizing “it’s going to be a great opportunity”, according to a Bloomberg report. However, funds managers at LIM are staying away from Evergrande bonds.
Traders are now focused on Yango Group unit’s dollar bond exchange offer. The company earlier warned sought for more time otherwise will not be able to repay existing bonds at maturity citing unfavorable business environment.