The restructuring of Evergrande’s ‘Great Wall’ is in full swing.
Evergrande Group China has resumed construction work and pledged to complete 39,000 units of properties in December compared to 10,000 units in every 3 months previously.
In a statement from the group's chairman, Hui Ka Yan, he stressed that Evergrande would deploy all the workforce from day to night to complete their projects so that sales could resume and subsequently be able to pay off outstanding debts.
He added that the continuation of the work expects 115 projects to be completed this month with only 5 days left to meet the goal of completing 39,000 units in December.
For the record, Evergrande is the most indebted property developer in the world with liabilities in excess of US $ 300 billion.
Meanwhile, Hui’s pledge was made a day after China’s top real estate regulator stated that the government was taking seriously in addressing the risks posed by the surrender of overdue residential properties by some leading developers.
China's central bank is also actively engaged in activities to protect the legal rights of home buyers in China.
This is a follow -up move made by Evergrande who had previously stated it would pay its employees ’outstanding salaries.
