4 Jan 2022
China Evergrande’s Investors Hold Protests outside Offices of the Company
The Index Today
Investors of the China Evergrande Group on Tuesday staged protests outside the insolvent firm’s Guangzhou headquarters amid mounting concerns over the non-payment of returns as the company struggles to stay above the water.
Among the 100 protesters who gathered outside the offices, “Evergrande, return our money!” remained an endless chant as investors mulled over the money they stood to lose in the wake of the erstwhile leading real estate developer’s liabilities that have amounted to over $300 billion.
The Evergrande Group on Friday had announced an amendment in its plans after it had agreed to compensate its wealth management products’ investors at a monthly rate of $1,256 for a period of three months. However, the subsequent change resurrected fresh worries among investors that their money would be swallowed up to sustain the company’s operations.
The investors who protested against Evergrande comprised young and old people from various walks of life. Many echoed their fears of losing their money in the face of an unstable economy created by the COVID-19 pandemic. However, their numbers dwindled to just 20, eventually fading out after the intervention of security.
©Photo: REUTERS/David Kirton