China Evergrande Group cut back on plans to repay investors in its wealth management products on Friday, highlighting the property developer's deepening liquidity squeeze after failing to meet its offshore debt obligations.

Evergrande, whose $19 billion in international bonds are deemed to be in cross-default by rating agencies after the developer missed a coupon payment deadline earlier this month, did not pay offshore coupons due earlier this week.

The developer has been scrambling to raise funds by selling assets and shares in order to repay suppliers and creditors.

Evergrande announced on Friday that each investor in its wealth management product can expect to receive 8,000 yuan ($1,257) per month as principal payment for three months beginning this month, regardless of when the investment matures.

Evergrande, once China's top-selling developer and now saddled with more than $300 billion in liabilities, had previously refused to specify a figure and had agreed to repay 10% of the investment by the end of the month when the product matures.

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According to state media reports earlier this year, Evergrande had also agreed to make follow-up payments to wealth management product investors every three months until the debt owed to an investor was cleared.

Evergrande said in a statement posted on the wealth unit's website on Friday that the company would "actively raise funds" and update the repayment plan in late March.
The company did not elaborate.

The situation is not "ideal" according to the statement, because the development's wealth unit is attempting to recover capital from previous projects in which it invested, making the original repayment plan difficult to implement.

Evergrande, like other heavily indebted conglomerates, had issued high-yielding wealth management products to investors - a popular way of borrowing from small-time investors that avoids government lending restrictions.

As Evergrande's liquidity crisis worsened, the company's wealth unit missed a payment on one of its products in late September, sparking protests from investors who fear they will never see their money again.

Some of its wealthy investors had refused to accept the company's plan to pay with discounted apartments, offices, stores, and parking spaces.