Evergrande owes it about 265 billion euros. The company has already missed the deadline for two interest payments, and the suppliers are also suing for the default. In order to pay off its debts, the group has already attempted to sell the assets en masse. Evergrande also recently announced that it plans to negotiate a debt restructuring with foreign creditors.
Meanwhile, Evergrande is accelerating the delivery of its off-plan residential projects, which means the company is preparing properties for occupancy. While about half of the projects resumed at the beginning of September, that percentage is close to 92 percent. The number of construction workers rose by 31 percent in the same period to 89,000 workers.
“As long as we do a good job in resuming work, production and construction, we will be able to deliver homes to buyers, resume sales and operations and pay off debts,” Hui Ka Yan said. The goal is to deliver 39,000 apartments this month, four times more than the monthly average since September (below 10,000). It is therefore important for Evergrande to run at full speed to reach the goal, according to the chief.
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