(Yicai) July 5 -- Penging, an online financing platform backed by China Vanke, has defaulted on at least CNY700 million to CNY800 million (USD96.3 million to USD110.1 million) of investment products. The struggling property developer's own employees are among the investors affected.

Market factors have prevented multiple equity investment products from realizing returns as planned, resulting in delayed payments for some products, Pengding Chuangying Financial Information Service, the platform’s operator, said on July 1.

Vanke Financial Consulting is Pending Chuangying's largest shareholder, with a 20 percent stake. Vanke owns 95 percent of Vanke Financial.

The defaults started in April, and at least CNY700 million to CNY800 million of investment products have missed their payment deadlines, Yicai learned. Penging and Vanke have yet to comment.

Penging will likely offer an initial solution today, an investor said, citing staff at the Shenzhen-based company.

Issuers of the overdue investment products include Huicheng Haotao Industrial and Ruijinxi Technology, Yicai found. Those two firms, also based in Shenzhen, mainly invest in real estate, leasing, and business services.

Penging is an infomediary, connecting borrowers with lenders. It does not directly participate in the debt relationship between the parties, but does provide liquidity support commitments for some equity income investments, according to the overdue product contracts circulating on social media.

Vanke backs the issuers of some products. Huicheng Haotao's shareholders are Zhang Liling and Luoming, directors of some of the builder’s subsidiaries.

At an investors' meeting in April, Vanke said it faces a temporary operational difficulties and short-term liquidity pressure, but has worked out plans to stabilize operations and cut debt to overcome these problems.

Editor: Martin Kadiev