China Evergrande reports progress in completing housing

Evergrande is the world’s most indebted real estate developer, with over $ 300 billion in debt. It is struggling to repay bondholders, banks, suppliers and delivering homes to buyers, showing an inflated industry suffering from the Chinese government’s destructive campaign.

Evergrande can not pay its debts.  China is fighting to limit fallout

The company’s chairman Hui Ka Yan stressed during a meeting on Sunday that no one in Evergrande would be allowed to “lie flat”, and urged employees to fight day and night so that sales can be resumed and the debt repaid, Evergrande said in a statement.

“When the company resumes construction work in full, the group plans to deliver 115 projects in December,” Hui said in the statement. “With five days left this month, we must do everything we can to ensure that we reach the goal of delivering 39,000 units this month.”

His promise came a day after China’s top real estate regulator told official Xinhua news agency that the government would resolutely address risks arising from delayed delivery of residential properties from some top developers.

Evergrande has defaulted on its debt, says Fitch Ratings

Also on Saturday, China’s central bank said it would safeguard the legal rights of home buyers.

The statement said that Evergrande had resumed cooperation with more than 80% of the decoration companies and long-term suppliers, after signing 6,869 contracts with material suppliers.

The Chinese government has in recent months marginally eased real estate financing to prevent a hard landing of the sector, but has not reversed its property restrictions designed to reduce influence and counteract speculation.

Chinese authorities are investigating the assets of Evergrande and its wealthy chairman, but do not expect any fire sales yet, two sources with direct knowledge of the case told Reuters in mid-December.

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