China’s Evergrande resumes work on more than 10 projects

Texas News Today

FILE PHOTO: Aerial photograph shows a house on October 22, 2021 at the construction site of the Evergrande Group Project, an Evergrande Group project in China, located in Taicang, Suzhou, Jiangsu Province, China. Reuters / Zihao Jiang

24 October 2021

BEIJING (Reuters) – Evergrande Group said on Sunday it has resumed work on more than 10 projects in Shenzhen, Dongguan and other cities – after last week’s last-minute bond coupon payments to circumvent default statements. seemed to

Evergrande, which has about $300 billion in debt, said in a WeChat account post that some projects have entered the interior decoration phase and others have recently completed construction.

Efforts to guarantee construction will support market confidence, he added. The report has several photographs of construction workers from various projects, with the date and time stamped on them.

Last week, Evergrande bought another week to fight the world’s second-largest economic debt crisis, with a move to pay off $83.5 million on US dollar bonds.

Real estate developers also announced plans on Friday to prioritize the electric vehicle business over real estate.

Evergrande’s plight is echoed in the $5 trillion real estate sector in China, accounting for a quarter of the economy on some indicators, with a series of default declarations, downgrades and a slowdown in corporate bonds.

The debt crisis is also widely viewed by global financial markets, which are concerned about widespread transmission.

(Reporting by Dominic Patton; Editing by Edwina Gibbs)

China’s Evergrande resumes work on more than 10 projects

Source link China’s Evergrande resumes work on more than 10 projects

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