Evergrande reports progress in home deliveries
China Evergrande said it had made initial progress in resuming construction work Sunday (December 26),
with its chairman vowing to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months.
Evergrande is the world's most indebted property developer, with over $300 billion in liabilities.
It is struggling to repay bondholders, banks, suppliers, and deliver homes to buyers.
The chairman also stressed that no one at Evergrande would be allowed to "lie flat," urging employees to fight day and night so that sales can be resumed and debts repaid.
The pledge comes a day after China's top real estate regulator told the official Xinhua News Agency the government would resolutely tackle risks stemming from overdue delivery of residential properties by some top developers.
Also on Saturday (December 25), China's central bank said it would safeguard the legal rights of home buyers.
