Business & Economy

Evergrande says it delivered 184 property projects between July-October

Shanghai, China, Nov 3 (EFE).- The indebted Chinese real estate giant Evergrande said Wednesday that it completed the delivery of 184 property projects between July and October.

In a brief statement posted on its official WeChat account, the group, which has been in the spotlight since mid-September due to its debt crisis, said that its main priority is to guarantee the delivery of its constructions.

Evergrande said it had delivered homes to almost 57,462 owners, most of them in July and August, which was before the alarms began to sound about its financial problems.

“All the employees of the group promised to ensure the construction of the projects with the utmost determination…Thanks to all the owners for their trust. Welcome to your home!” the property developer added.

Some analysts estimate that the company has yet to complete some 1.3 million homes that it had committed to building.

In early September, the group’s founder, Xu Jiayin, called a meeting in which he ordered senior executives to sign a document in which they promised to finish the projects that had been started and to deliver them on time.

Since then, despite the fact that the company has found itself on the brink of defaulting on part of its debt at least two occasions, Evergrande has announced that it had resumed construction on nearly 50 projects.

In recent years, the group financed its growth with aggressive leverage policies that have led it to accumulate a total liability of more than $300 billion, of which some $37 billion correspond to loans due before the end of June 2022. EFECOM


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