Evergrande's Founder Selling CNY7 Bln Personal Assets To Save the Group: Yicai

Evergrande's founder, Xu Jiayin, has been selling his personal assets or pledging equity to inject over CNY7 billion of cash into the company since July in a bid to maintain the basic operations of China's second largest and most indebted developer, Yicai.com reported citing an anonymous insider. During this period the company's financing and sales were stalled, but it needed to ensure the 10% monthly payment of the wealth management products it sold, the payment of salaries and bond interest, as well as promoting the resumption of projects nationwide, the newspaper said. The company has been faced with setbacks in selling its property management and electric vehicles unit since mid-August, and its home sales also failed to make it into Top 50 developers which posted more than CNY3.69 billion of monthly sales in October, the newspaper said.