Saturday, May 25, 2024
28 C
Brunei Town

Construction has resumed at 95 per cent of China Evergrande projects

SHANGHAI (CNA) – A unit of troubled property developer China Evergrande Group said construction work has resumed at 95 per cent of Evergrande’s projects across the country as of late March.

Evergrande has resumed work at 734 developments in all of China as of March 27, including 424 projects recovering to normal construction levels, according to a post yesterday on the official WeChat of the developer’s Pearl River Delta business unit. The post did not give a figure for Evergrande’s total number of developments.

Evergrande is the world’s most indebted property developer, with over USD300 billion in liabilities. It is struggling to repay bondholders, banks, suppliers, and deliver homes to buyers, epitomising a bloated industry suffering from the Chinese government’s deleveraging campaign.

Evergrande will “continue to maintain the normal construction of the projects in order to deliver the buildings to the owners with guaranteed quality and quantity at all costs”, according to the post.

Company Chairman Hui Ka Yan has pledged multiple times since 2021 that the company would resume construction work at full steam to ensure home deliveries.

Hui told staff in February that the company aimed to deliver 600,000 apartments in 2022, according to a source with direct knowledge of the matter and media reports.

A China Evergrande Group construction site in Wuhan. PHOTO: BLOOMBERG
spot_img

Latest

spot_img