A unit of troubled property developer China Evergrande Group said construction work has resumed at 95% of Evergrande’s projects across the country as of late March.
According to a post on Saturday on the official WeChat of the developer’s Pearl River Delta business unit, as of March 27, Evergrande has resumed work at its 734 development projects in all of China, which includes 424 projects recovering to normal construction levels. The post did not give a figure for Evergrande‘s total number of developments.
With over $300 billion in liabilities, Evergrande is the world’s most indebted property developer. It is struggling to repay bondholders, banks, suppliers, and deliver homes to buyers, epitomizing a bloated industry suffering from the Chinese government’s deleveraging campaign.
According to the post, “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.”
Hui Ka Yan, company’s Chairman 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. “With the strong support from the provincial government, Evergrande’s Pearl River Delta business worked to accelerate the resumption of work and production,” Pearl River Delta said in the WeChat post.
