Chinese group Evergrande said on Sunday (26) it had made progress in resuming construction work, and the company’s president promised 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 (almost R$1.7 trillion) 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 meeting on Sunday that no one at Evergrande would “sleep on the spot,” urging employees to work day and night so sales can be resumed and debts repaid.
“With the company resuming construction work at full steam, the group plans to deliver 115 projects in December,” Yan said in a statement. “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.
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