The chairman of embattled property developer China Evergrande Group vowed to deliver 39,000 units of properties in December, after confirming that initial progress has been made in resuming construction work, reports Reuters. Evergrande has only delivered 10,000 units in each of the previous three months.
Evergrande 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, epitomizing 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.
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