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27 Dec 2021

China Evergrande Experiences Slight Improvement in Home Unit Supplies

The Index Today

The China Evergrande Group reported preliminary growth as its chairman pledges to make a marked supply of 39,000 properties from its previous low monthly record of less than 10,000 home units during the last three months.

The construction company had recently gained infamy as the world’s most insolvent real estate developer after incurring debts of more than $300 billion.

According to a statement by the Group, Chairman Hui Ka Yan has undertaken a commitment to repay the firm’s debts and resume normal commercial activities, even spurring employees to join in the collective effort to help the company indemnify suppliers, banks, and bondholders as they attempt to fulfill their promise of constructing residences for their customers and aspiring homeowners.

Hui contended, “With the company resuming construction work at full steam, the group plans to deliver 115 projects in December." He also emphasized that they “must go all out to ensure [they] meet the goal of delivering 39,000 units this month" as the year draws to a close.

This comes as the government announced policies earlier to help struggling real estate property developers such as the Evergrande Group to avert a potential crash of the industry.

©Photo: Vivian Lin/AFP/Getty Images

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