China Evergrande pushes construction of 562 projects back to normal level

WCN Editorial Team 9 May 2022 ASIA BUILDINGS

China Evergrande has stated that construction of 562 projects has come back to normal levels, reported Global Times.

At a media conference, the company’s chairman Xu Jiayin stated that construction activities at 179 housing projects are in the process of resuming, reported online media outlet ynet.cn.

The company had stated that it would not be able to repay its debt without sales of the residential properties.

Xu had stated the company’s sales revenues only stood at about $3 to $4.5m per month from last October to March 2022, implying that its sales have been stagnant.

Xu pointed out the company had initiated sales in December 2021 and again in February 2022, but the efforts did not yield success.

“Our pressure is unimageable,” Xu told media.

Xu, however, pointed out that the cash-strapped property company initiated a third sales campaign this April that has seen promising results.

China Evergrande’s sales revenues stood at $471m in April, which Xu described as “splendid.”

“The recovery of sales is significant to Evergrande, our downstream and upstream partners, house owners and creditors,” Xu said.


The company also stated that it is trying hard to reach the aim of delivering 100,000 residential units this month.

 

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Image: The company had stated that it would not be able to repay its debt without sales of the residential properties. Credit: Jean van der Meulen from Pixabay.

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