Chinese company Evergrande Group said on Sunday (26) it had made progress in resuming construction work, with its chairman pledging to deliver 39,000 housing units in December, compared with less than 10,000 in each of the past three months.
Evergrande is the most indebted real estate developer in the world, with more than $300 billion in liabilities. The group is having trouble paying bondholders, suppliers and delivering homes to buyers, epitomizing a bloated industry that has been plagued by the Chinese government’s deleveraging campaign.
Company president Hui Ka Yan emphasized during a Sunday meeting that no one at Evergrande would “sleep on the spot,” urging employees to work day and night so sales can resume and debts repaid, Evergrande said in an announcement.
“With the company resuming construction work at full steam, the group plans to deliver 115 projects in December,” Yan said in the note.
“With five days to go before the end of the month, we need to do everything to ensure we meet the goal of delivering 39,000 units this month.”
The day before, China’s central bank said it would preserve the legal rights of homebuyers.
Reference: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
