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Evergrande Unit Says Work Resumed on 63 More Projects

Company said it would ‘speed up and conquer difficulties’ to ensure projects are delivered on time and in line with quality standards


A man walks by unfinished residential blocks at Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang. Photo: Reuters

 

Debt-laden real estate developer China Evergrande Group has resumed construction on 63 projects in the southern Pearl River delta, a regional subsidiary said on Friday.

The projects span 15 sites from the city of Guangzhou to locations in Foshan, Qingyuan, Yangjiang and Zhaoqing, the subsidiary said on its account on social media app WeChat.

The company will “speed up and conquer difficulties” in the next stage, to ensure the projects are delivered on time and in line with standards of quality, it added.

Last month, Evergrande Group said it had restarted work on more than 10 projects in Shenzhen, Dongguan and other cities, after it averted default with a last-minute bond coupon payment.

It also said it would finish work on 31 Pearl River Delta properties by year-end, according to Chinese media reports.

 

Interior Decoration

In a post on its WeChat account, Evergrande said that some projects had entered the interior decoration stage, while other buildings had recently finished construction.

Shenzhen, in Guangdong province, is where the huge construction group has its head office.

The company, which has about $300 billion in liabilities, noted that its effort to guarantee construction and get projects ready for sale would shore up market confidence.

The report included several photos of construction workers on different projects, stamped with the time and date.

Chinese developers collectively owed $5 trillion in the second quarter of this year – equivalent to a third of China’s gross domestic product – a figure that has doubled since 2015, according to a Nomura analysis.

 

  • Reuters

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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