Construction work resumes on 95% of Evergrande's projects

China Evergrande Group’s unit told the media that construction work resumed at 95% of Evergrande's projects in the country in late March. Evergrande resumed its work across 734 developments in China as of March 27, comprising 424 projects that are recovering to normal construction levels. Evergrande is the most indebted property developer in the world and has more than $300 billion in liabilities. The developer is struggling to repay banks, bondholders, and suppliers and deliver the properties or homes to the buyers, epitomizing a bloated industry as a result of the Chinese government's deleveraging campaign. Evergrande shall continue to maintain the project construction normally, to deliver the buildings to the owners along with the guaranteed quality and quantity whatsoever. Since 2021 Evergrande Chairman Hui Ka Yan has pledged several times that their company will resume construction work at full steam to make sure they deliver homes. In February the chairman Hui Ka Yan informed the staff that he aims to deliver 600,000 apartments in 2022. With the help of strong support that has been provided by the provincial government, the Pearl River Delta business of Evergrande has worked to accelerate the resumed work and production. Image Source Also read: Evergrande to sell Crystal City Project in Hangzhou for $575 mn