China’s Evergrande Group Says Work Has Resumed at 95% Of Its Projects

The Pearl River Delta business unit of China’s Evergrande Group announced in a posting on Saturday (4-2-22) via the developer’s official WeChat site that construction work has resumed at 95% of Evergrande’s projects across the country as of late March.

According to the post, “With the strong support from the provincial government, Evergrande’s Pearl River Delta business has worked to accelerate the resumption of work and production.” The post says that work has resumed at 734 developments in all of China, as of March 27, and that included 424 projects recovering to normal construction levels. The post also said that Evergrande will “continue to maintain the normal construction of the projects in order to deliver the buildings to the owners with guaranteed quality and quantity at all costs.” The post did not however, provide a figure for the total number of Evergrande developments.

Company Chairman Hui Ka Yan has pledged multiple times since 2021 that the company would resume construction work at full steam to ensure home deliveries. Hui told staff in February that the company aimed to deliver 600,000 apartments in 2022, according to a source with direct knowledge of the matter and media reports.

According to sources, Evergrande is the world’s most indebted property developer, with over $300 billion in liabilities. Sources noted that it is struggling to repay bondholders, banks, suppliers, and deliver homes to buyers.