China Evergrande Group chairman Hui Ka Yan said the company is resuming its home deliveries after making initial progress in construction and intends to deliver 39,000 units of properties in December alone.
The troubled property developer suspended some of its residential projects earlier this year after falling behind on payments. In addition, hundreds of its unfinished projects were affected by work stoppages.
“Since the company’s troubles began, we delivered fewer than 10,000 units in September, October and November,” chairman Hui Ka Yan—known as Xu Jiayin in Mandarin—told a company meeting Sunday evening, according to a post on Evergrande’s official WeChat account.
But in a statement on Sunday, Dec. 26, Hui said that he is asking the employees to work day and night so that sales can resume and debts can be repaid, Reuters reported.
“With the company resuming construction work at full steam, the group plans to deliver 115 projects in December,” Hui said. “With five days left this month, we must go all out to ensure we meet the goal of delivering 39,000 units this month.”
This delivery target in the last month of 2021 would be nearly four times higher than the number of almost 10,000 units recorded in each of the preceding three months.
Evergrande is the world’s most indebted property company with more than $300 billion in liabilities. It is struggling to repay bondholders, banks, and suppliers and deliver homes to buyers, exemplifying a bloated industry afflicted by the Chinese Communist Party’s deleveraging effort.
One day earlier, a Chinese real estate regulator said that it would firmly tackle risks stemming from some top construction companies’ overdue delivery of residential properties.
China’s central bank also said on Saturday that it would safeguard the legal rights of home buyers.
Some sources said in mid-December that Chinese authorities are scrutinizing the assets of Evergrande and its wealthy chairman.