Real estate firm China Evergrande Group has stated that construction work has resumed at 95% of its projects as of late last month.
As of 27 March, Evergrande has resumed construction work at 734 developments, with 424 of them moving to normal construction levels, according to a post on the official WeChat of the developer’s Pearl River Delta business unit, reported Reuters.
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This online post, however, did not mention a figure for the firm’s total count of developments.
Evergrande has more than $300bn in liabilities, making it the most indebted construction firm in the world.
The firm is struggling to repay banks, suppliers, bondholders, and deliver homes to buyers.
As per 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.”
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By GlobalDataChina Evergrande Group chairman Hui Ka Yan has vowed that the firm would resume construction to ensure deliveries of homes.
In February, Hui is said to have informed employees that the company intended to deliver 600,000 apartments in 2022, according media reports and a source aware of the matter.
Pearl River Delta stated in the post: “With the strong support from the provincial government, Evergrande’s Pearl River Delta business worked to accelerate the resumption of work and production.”
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Image: Evergrande has more than $300bn in liabilities. Credit: Pexels from Pixabay .
