China Evergrande Group said on Wednesday its units have sold three tranches of senior notes worth $1.8 billion, paying coupon rates of up to 13.75 percent, with chairman Hui Ka Yan buying $1 billion of the notes.
HONG KONG: It might have seemed like a bold move when the billionaire founder of China Evergrande Group spent US$1bil of his own money buying the company’s bonds five months ago. Now his bets are handing him handsome returns that beat many asset classes.
Hui Ka Yan, who is chairman at Evergrande, bought more than half of the company’s US$1.8bil bond offering in October, signifying his “support to and confidence in the group” when some of its dollar notes had plunged to unprecedented lows due to concern over its debt.
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