The billionaire founder of China’s most indebted property developer made an unusual move to buy $1 billion of its new $1.8 billion notes priced on Tuesday, as he seeks to lend support to the group.
Hui Ka Yan, chairman and executive director of China Evergrande Group, purchased $250 million each of its 2022 and 2023 bonds, while his wholly-owned Xin Xin (BVI) Ltd. bought another $250 million each of those two notes, according to a statement to Hong Kong stock exchange on Wednesday.
Hui followed through with the purchase after expressing interest to buy the notes on Tuesday. “The purchase is being undertaken to signify Mr. Hui’s support to and confidence in the Group,” the company said in the filing on Wednesday. The terms of the purchase of the notes by Hui and Xin Xin are the same as other investors in the debenture that was issued Tuesday, according to the statement.
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Evergrande Chairman Buys $1 Billion of Its Debt in Rare Move