China Evergrande says construction resumes at 91.7% of projects

China Evergrande Group (3333.HK) said on Thursday in its Wechat account that 91.7% of its national projects have resumed construction after three months of effort.

Company Chairman Hui Ka Yan vowed in a meeting on Sunday to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months.

China Evergrande Group said on Sunday it had made initial progress in resuming construction work with its chairman vowing to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months.

Evergrande (3333.HK) is the world’s most indebted property developer, with over $300 billion in liabilities. It is struggling to repay bondholders, banks, suppliers, and deliver homes to buyers, epitomising a bloated industry suffering from the Chinese government’s deleveraging campaign.

Company chairman Hui Ka Yan stressed during a meeting on Sunday that no one at Evergrande would be allowed to “lie flat”, urging employees to fight day and night so that sales can be resumed and debts repaid, Evergrande said in a statement.