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China's embattled property developer Evergrande denied on Monday market rumors about bankruptcy reorganization saying that, although it faces unprecedented difficulties, the group will "go in full swing" to resume work and production, guarantee the delivery of residential units and "try by all means" to return to normal operations and protect the legal rights of clients. 

The comment comes when the company has been bogged down in a liquidity crisis in recent months, reportedly facing more than $300 billion in debt, failing to pay overdue bills and defaulting multiple wealth management products. 

According to media reports on Monday, Evergrande reportedly offered three options on the overdue payment of its wealth management products, after hundreds of investors from across China headed to the company's headquarter in Shenzhen overnight to demand the repayment of their investments which could add up to over 40 billion yuan.

According to the online news outlet The Paper, the three options include repayment through cash installments, physical assets, and investors' payables on apartment units which they had purchased. 

Under the first plan, Evergrande will repay 10 percent of the initial investment plus interests every three months with the first payment made on the last working day of the month due. As for the third plan, investors who bought an apartment before September 12 will be able to use the defaulted investment to offset the housing payment.

The company has not responded to calls from the Global Times. 

The defaulted wealth products are offered by Evergrande's financial affiliate, Evergrande Wealth Management Co, with an annual yield rate between 7 and 10 percent, according to a report by guanchazhe.com on Monday. Most buyers of the wealth management products are Evergrande's employees.

Evergrande's founder and chairman, Xu Jiayin, who stepped down last month as the head of the flagship unit Hengda Real Estate Group, said at the financial affiliate's meeting on Friday that he could lose it all, but the investors of Evergrande Wealth Management could not end up like that.

"I, on behalf of the group, pledge that all defaulted obligations will be repaid and we will not pay back any penny less," Xu said at the meeting, adding that the group has run into unprecedented difficulties but its fundamentals have not changed. 

Shares of the Hong Kong-listed company have slumped 77 percent so far this year adding a 6.91 percent fall to HK$3.37 on Monday's closing.

According to the company's financial statement, Evergrande's short-term liability to be due within a year was 240 billion yuan as of June 30, while cash and cash equivalents were only valued at 86.77 billion yuan during the same period. 

Evergrande's debt woes have sparked concerns over potential financial risks at a time when the Chinese government has been scaling up efforts to squeeze bubbles in the debt-fueled property market and curb systemic risks. 

In August, the People's Bank of China , the country's central bank, as well as the banking and securities regulator, summoned executives of Evergrande for talks urging the firm to maintain stable operations, actively tackle its debt crisis and help maintain the stability of the property and financial markets. 

Global Times