Indebted property developer China Evergrande is struggling with the protests of disgruntled investors. Cries from buyers of its apartments could grow even louder.
Individual investors protested outside Evergrande’s headquarters Monday as some wealth management products backed by the developer failed to pay out on time. Videos of the protests have gone viral on Chinese social media. Evergrande said Tuesday that two of its subsidiaries failed to discharge their obligations as guarantor for around 934 million yuan, the equivalent of $145 million, of wealth management products issued by third parties.