(Bloomberg) -- Guangzhou R&F Properties Co. will receive HK$8 billion ($1 billion) in short-term financing from top executives, amid growing signs of contagion stemming from the crisis at China Evergrande Group.
Chairman Li Sze Lim and Chief Executive Officer Zhang Li, who are major shareholders, will provide the financing over the next one to two months, the company said in a Hong Kong stock exchange filing on Monday.
The company expects to receive about HK$2.4 billion on Tuesday, it said. It expects to have “sufficient liquidity to address obligations that will mature in the short-term” following the support, even without taking into account the availability of measures such as asset sales, it said.
Separately, CG Property Services HK, a subsidiary of Country Garden Services Holdings Co., agreed to buy R&F’s Wealth Best Global for as much as 10 billion yuan ($1.5 billion), another filing showed.
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