Evergrande is asking Hong Kong property agents to sell more apartments to get paid for the commissions they are owed for previous sales




Property advertisement for China Evergrande's Emerald Bay by in Hong Kong.An advertisement for China Evergrande’s Emerald Bay property development in Hong Kong.

With $300 billion in liabilities, Evergrande is the world’s most indebted developer. It’s inviting auctions agents at a Hong Kong development to sell more swamps before they can be paid committees owed on previously sold divisions. Agents who reject the contrive may have to wait until April to be paid due to cashflow concerns.

Debt-laden developer China Evergrande is asking property agents to sell more suites at one of its projects in Hong kong residents so that it can have the money to pay commission costs for cells the salespeople have already sold, the South China Morning Post reported under Thursday.

Under the mean, auctions workers will be paid the commissions owed to them for two accommodations already sold only after they sell an additional unit of same ethic at the Emerald Bay development, according to the SCMP, citing notations from a congregate. The proposal applies to the first 30 suites sold this month at the project, with the superb commissionings paid 48 to 72 hours of the added group auction, the Hong kong residents story shop lent.

Agents who reject the propose may have to wait until April next year to be paid, as that’s when a fund matures — although the salespeople will be paid only after “debt collection procedures, ” the developer said, per SCMP. Evergrande lent it couldn’t guarantee fee in April as well, SCMP reported.

Construction on the 1,982 -unit blooming was recently completed. According to a May report from Hong Kong owned agency Midlands , around 77% of the units had already been sold.

Evergrande said the payment delay is due to the company’s issues with cashflow, reported SCMP. Two Hong kong residents asset business have already litigated the embattled real-estate developer over payable commissionings, Reuters reported last month.

With $ 300 billion in liabilities, Evergrande is the world’s most indebted make. It has managed to pay off various overdue tickets just in time, forestalling a default that could send the rest of the sector — and perhaps the rest of the world — into crisis. Evergrande benefactor Hui Ka Yan and the company itself are reportedly scurrying to sell resources to raise funds to keep the company going.

Property negotiators are up in arms over Evergrande’s brand-new board contrive and at least one has said it will not accept it.

“The money that it owes me should ever is payable. It cannot propose any new conditions to spawn me help it sell one extra unit for repaying, ” Shih Wing-ching, founder of Centaline — one of Hong Kong’s largest real-estate agencies — told SCMP.

Evergrande did not immediately respond to an Insider request for comment. Centaline told Insider it has no comment.

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