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China Evergrande to redeem all perpetual capital instruments by June 30

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China Evergrande to redeem all perpetual capital instruments by June 30

After beating its 70% redemption target for financial year 2017, China Evergrande Group said it intends to redeem all of its outstanding perpetual capital instruments by the end of June.

As of June 5, the company redeemed a total of 80.56 billion Chinese yuan of perpetual capital instruments representing 71.3% of the total. According to a filing, the company's outstanding perpetual capital instruments stand at 28.8 billion yuan.

The developer also reported that contracted sales in May rose to 38.19 billion Chinese yuan from 37.85 billion yuan in April. The May figure corresponds to contracted sales area of 3,719,000 square meters at an average selling price of 10,269 yuan per square meter.

As of June 5, US$1 was equivalent to 6.80 Chinese yuan.