China Evergrande Group in a statement on Sunday mentioned that it made initial progress in order to restart its construction work. The group’s chairman looks forward to deliver around 39,000 units this month. The figure is much higher compared to less than 10,000 deliveries in the recent months.
Evergrande has more than $300 billion worth liabilities, this makes it world’s number 1 ranked indebted property developer. Currently, it is facing issues in repaying bondholders, suppliers, and bank. The other major problem is delivering homes to buyers, which is a perfect example of a inflated industry suffering due to the Chinese government promoted deleveraging campaign.
The company chairman Hui Ka Yan during the meeting session on Sunday mentioned that no one at Evergrande would be permitted to “lie flat.” This directly indicates that the company wants its employees to fight against the odds and help the organization in repaying debts and delivering promised units to its customers.
“With the company resuming construction work at full steam, the group plans to deliver 115 projects in December. With five days left this month, we must go all out to ensure we meet the goal of delivering 39,000 units this month.”-said Hui Ka Yan, Evergrande Chairman
The statement mentions that Evergrande had resumed agreements with over 80% of decoration companies and its long-term suppliers. Moreover, it has signed 6,869 deals with construction material suppliers.