China Evergrande has pledged to resume construction of all remaining stalled property projects by the end of this month, as the world’s most indebted developer works to pacify a nationwide mortgage boycott, reports the Financial Times. The developer will resume the construction of 38 remaining projects by the end of September and accelerate 62 restarted projects to “normal level,” according to a company statement released late on Monday that cited its chair, Hui Ka Yan, in a weekly meeting.
Among Evergrande’s 706 pre-sold projects nationwide that need to be completed and delivered to homebuyers, 668 had resumed construction, it said.
“We have to work hard and put our nose to the grindstone to ensure the delivery of projects. Only in this way can we satisfy the homebuyers, resume sales, resume operations, repay all types of debts and get out of the predicament,” Hui said at the meeting.