Embattled Evergrande Pledges to Deliver 39,000 Homes in December as Projects Get Back on Track

[Stranagor]

(Yicai Global) Dec. 27 -- Beleaguered China Evergrande Group, which is under great pressure by regulators to resolve its debt crisis and ensure stability in the country’s real estate market and financial sector, has said that it will hand over 39,000 residential properties to buyers this month as the majority of its projects are moving forward again.

Evergrande will do everything in its power to complete 115 projects this month, amounting to 39,000 units, the Shenzhen-based firm said yesterday. Between September and November, the company had delivered less than 10,000 properties a month as a lack of liquidity brought many projects to a standstill.

Work at 91.7 percent of real estate projects has resumed, up from 51.7 percent three months ago, the developer said. Some 89,000 people are back at work, 31 percent more than in September, despite the winter slowdown in construction. And over 80 percent of contractors, such as decorators and material suppliers, have been re-engaged.

Evergrande became a defaulter for the first time on Dec. 9 when it was unable to repay a USD260 million loan. The Guangdong province government summoned company Chairman Xu Jiayin for talks that day, saying that the developer must ensure that its over 700 projects keep moving forward and must not be abandoned.

Embattled Evergrande Pledges to Deliver 39,000 Homes in December as Projects Get Back on Track

www.yicaiglobal.com

 

[leviathan]

(Yicai Global) Dec. 27 -- Beleaguered China Evergrande Group, which is under great pressure by regulators to resolve its debt crisis and ensure stability in the country’s real estate market and financial sector, has said that it will hand over 39,000 residential properties to buyers this month as the majority of its projects are moving forward again.

Evergrande will do everything in its power to complete 115 projects this month, amounting to 39,000 units, the Shenzhen-based firm said yesterday. Between September and November, the company had delivered less than 10,000 properties a month as a lack of liquidity brought many projects to a standstill.

Work at 91.7 percent of real estate projects has resumed, up from 51.7 percent three months ago, the developer said. Some 89,000 people are back at work, 31 percent more than in September, despite the winter slowdown in construction. And over 80 percent of contractors, such as decorators and material suppliers, have been re-engaged.

Evergrande became a defaulter for the first time on Dec. 9 when it was unable to repay a USD260 million loan. The Guangdong province government summoned company Chairman Xu Jiayin for talks that day, saying that the developer must ensure that its over 700 projects keep moving forward and must not be abandoned.

Embattled Evergrande Pledges to Deliver 39,000 Homes in December as Projects Get Back on Track

www.yicaiglobal.com

I belive Chairman Xu Jiayin has pump more than 10billion into evergreen from his personal wealth already. This is what happen when you government control the tycoon, instead the orther way around like the west.

 

[Stranagor]

I belive Chairman Xu Jiayin has pump more than 10billion into evergreen from his personal wealth already. This is what happen when you government control the tycoon, instead the orther way around like the west.

He was instructed to solve the issue, and he obeyed the law, like every good citizen, rich or poor.

In some other places, they would call it 'too big to fall' and bail out. In fact, regardless of all irrational investment Evergrande may have done and put itself into crisis, it is still doing something concrete, and deserves bail out. But, better it does not funded through taxpayer's money.