Evergrande said on Sunday it had made progress in resuming construction, with its president promising to hand over 39,000 properties in December, down from less than 10,000 in each of the previous three months, according to the agency. Reuters.
Evergrande is the most indebted real estate development company in the world, with liabilities of over $ 300 billion. It struggles to repay bondholders, banks, suppliers and deliver homes to buyers, embodying a booming industry suffering from the Chinese government’s leverage campaign.
The president of the company Hui Ka Yan stressed during a meeting on Sunday that no one in Evergrande will be allowed to “lie down”, urging employees to fight day and night to continue sales and pay off debts, Evergrande said in a statement. its announcement.
“With the company continuing construction at full speed, the group plans to deliver 115 projects in December,” Hui said in a statement. “With five days left this month, we have to give it our all to ensure we deliver 39,000 units this month.”
His promise came a day after China’s top real estate regulator told the official Xinhua news agency that the government would resolutely address the risks posed by the late delivery of housing by some of the top builders.
Also on Saturday, China’s central bank said it would safeguard the legal rights of home buyers.
The statement said that Evergrande had resumed cooperation with more than 80% of decoration companies and long-term suppliers, having signed 6,869 contracts with materials suppliers.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
