The chairman of heavily-indebted property developer China Evergrande Group, Hui Ka Yan, has made it clear that the company needs to clear its debt through construction and sales activities rather than selling off assets cheaply, and has vowed to complete 50% of pre-sold homes this year, reports Reuters.
The chairman told staff in a Sunday meeting that the firm aimed to fully restore construction work across China this month, compared with 93.2% at the end of last year, with a goal of delivering 600,000 apartments in 2022, according to a source with direct knowledge of the matter and media reports.
Evergrande, the world’s most indebted property developer with over $300 billion in liabilities, has been struggling to repay creditors, suppliers, and deliver homes to buyers, epitomizing a bloated industry suffering from the Chinese government’s deleveraging campaign.
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