 "Evergrande races to restart projects as debt repayments loom")
China Evergrande Group said it has resumed construction at most of its housing projects as authorities push the debt-laden developer to pay migrant workers and deliver apartments.
Nearly 92 per cent of Evergrande’s property projects have so far restarted, compared with just about 50 per cent at the beginning of September, according to a company statement released on Sunday.
The number of workers involved in the projects that have resumed building has risen 31 per cent from September to 89,000. “As long as we do a good job in restarting work, production and construction, we’ll be able to deliver houses to buyers, resume sales and operations and pay off debts,” the statement cited Chairman Hui Ka Yan as saying at a company meeting.
Evergrande is struggling with more than $300 billion in liabilities as a government campaign to deleverage developers.
Nearly 92 per cent of Evergrande’s property projects have so far restarted, compared with just about 50 per cent at the beginning of September, according to a company statement released on Sunday.
The number of workers involved in the projects that have resumed building has risen 31 per cent from September to 89,000. “As long as we do a good job in restarting work, production and construction, we’ll be able to deliver houses to buyers, resume sales and operations and pay off debts,” the statement cited Chairman Hui Ka Yan as saying at a company meeting.
Evergrande is struggling with more than $300 billion in liabilities as a government campaign to deleverage developers.
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