China Evergrande reports progress on resuming home delivery

China Evergrande Group on Sunday said it was making progress on resuming construction early, with its chairman pledging to deliver 39,000 apartments by December, down from less than 10,000 units in the previous three months.
Evergrande is the most indebted property developer in the world, with more than $300 billion in liabilities. He struggles to pay bondholders, banks, suppliers and deliver homes to buyers, portraying a burgeoning industry suffering from the Chinese government’s de-leverage campaign.
Company president Hui Ka Yan stressed in a meeting on Sunday that no one at Evergrande was allowed to “lay still,” urging employees to fight day and night so sales can continue and debts are paid refund, Evergrande said in a statement.
“With the company continuing to complete construction work, the group expects to deliver 115 projects by December,” Hui said in the statement. “With five days remaining this month, we must do everything we can to ensure we meet our goal of delivering 39,000 units this month. His pledge came a day after China’s main real estate regulator told state news agency Xinhua that the government would resolutely tackle the risks associated with housing deliveries. late of some big investor.

Also on Saturday, China’s central bank said it would protect the legitimate interests of homebuyers. The statement said Evergrande has resumed cooperation with more than 80% of decoration companies and long-term suppliers, having signed 6,869 contracts with material suppliers.
The Chinese government has eased real estate financing a bit in recent months to avoid a hard landing for the sector, but did not reverse property restrictions designed to reduce debt and prevent speculative. Chinese authorities are scrutinizing the assets of Evergrande and its wealthy chairman, but don’t expect any recent drop in prices, two sources with direct knowledge of the matter said to Reuters in mid-December.