Currently faced with crisis and debt issues, China’s construction giant, Evergrande has resumed work and construction on more than 10 projects in Shenzhen and five other cities in South China’s Guangdong Province to ensure the delivery of buildings.
Evergrande is one of China’s largest property developers, with some 1,300 projects across more than 280 Chinese cities. Its operations cross over into other industries, including wealth-management products, electric vehicles, consumer goods, and sports.
In September, Evergrande’s debt crisis attracted widespread attention from around the world.
However, the Group Chairman Xu Jiayin noted at a meeting that only through resumption of work and construction can the company ensure building deliveries and address its current debt problems.
The projects which also include Shenzhen Evergrande City Light, have progressed to the stage of interior decoration, and they will be gradually delivered to buyers. Construction of other buildings like Shenzhen Evergrande City recently finished.
Evergrande disclosed that the all-out push to resume work and construction will shore up market confidence, as China’s property market cooled in September due to concerns about the company’s possible default.
The construction company is also reportedly transitioning from property toward new-energy vehicles within 10 years, and plans to fully implement property sales, while substantially downsizing its real estate development and construction.
