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December 28, 2021
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Evergrande promises to quadruple home deliveries in December

Evergrande promises to quadruple home deliveries in December

“Since the company’s troubles started, we have delivered less than 10,000 units in September, October and November,” President Hui Ka Yan said at a meeting Sunday night, according to Evergrande’s account on China’s WeChat network.

“There are only five days left in this month, we must accelerate to ensure the delivery of 39,000 units this month,” he added.

The new houses are spread over 115 projects, he said.

In recent months, the company has said it will complete unfinished projects and hand them over to buyers, in a desperate attempt to safeguard its debts, despite defaulting on more than $ 1.2 billion this month.

Previous attempts to pay suppliers and contractors sparked protests from buyers and investors at the group’s Shenzhen headquarters in September.

Since then, the firm has tried to sell assets and reduce its shares in other firms, and Hui has paid off some of the debts with his large personal fortune.

The Guangdong provincial government, where the firm is based, oversees Evergrande’s debt restructuring process, although Beijing has not reversed the restrictions that caused the housing crisis.

The Chinese central bank, which attributed the firm’s problems to “mismanagement and blind expansion,” promised on Saturday to protect the rights of home buyers and promote the healthy development of the housing market.



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