Evergrande Races to Restart Projects as Debt Repayments Loom
- Chairman pledges to deliver 39,000 apartment units this month
- Chinese developer is engaging with creditors on restructuring
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China Evergrande Group said it has resumed construction at most of its housing projects as authorities push the debt-laden developer to pay migrant workers and deliver apartments.
Nearly 92% of Evergrande’s property projects have so far restarted, compared with just about 50% at the beginning of September, according to a company statement released Sunday night. The number of workers involved in the projects that have resumed building has risen 31% from September to 89,000.