Evergrande resumes work on over 10 projects

BEIJING (CNA) – China Evergrande Group said yesterday it had resumed work on more than 10 projects in six cities including Shenzhen – a statement that comes after it appeared to avert default with a last-minute bond coupon payment last week.

Evergrande, deep in crisis with more than USD300 billion in liabilities, has not disclosed how many of its 1,300 real estate projects across China it has had to halt work on.

The company said on August 31 that some projects were suspended because of delays in payment to suppliers and contractors and it was negotiating to resume building.

Yesterday, it said in a post on its WeChat account that some of the projects it had resumed work on had entered the interior decoration stage while other buildings had recently finished construction.

Evergrande added that its efforts to guarantee construction would shore up market confidence and included several photos of construction workers on different projects, stamped with the time and date.

China’s second-largest property developer last month also promised potential buyers it will complete building of their homes and said that work on one of the world’s biggest soccer stadiums in the southern city of Guangzhou was proceeding as planned.

A security guard stands at the headquarters of China Evergrande Group in Hong Kong. PHOTO: AP