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SZ-based Penging Fails to Pay off Wealth Mgmt Products to Investors on Time, Partly Involving China Vanke: Report
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A Chinese online finance company failed to pay investors on time for some investment products related to projects linked to CHINA VANKE (02202.HK), Bloomberg quoted sources as saying. Shenzhen-based Penging, which is owned by CHINA VANKE, used revenues from CHINA VANKE-related real estate projects as the underlying assets for the product, and then sold it to some CHINA VANKE employees, according to insiders. From a few months ago, investors have not been able to receive payments. About 100 current and former CHINA VANKE staff set up a WeChat group in hope to recover their money, insiders added. One of CHINA VANKE staff voluntarily purchased about RMB500,000 worth of products at an annual interest rate of 5-6.5%. Despite the fact that EVERGRANDE (03333.HK)'s wealth management products have already missed payment in 2021, insiders said that CHINA VANKE's employees had confidence in the company's business at the time and were striving for investment quotas. AAStocks Financial News |
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