WATCH: Evergrande, the world's most indebted property developer, with over $300 billion in liabilities, is struggling to repay bondholders, banks and suppliers and to deliver homes to buyers
is the world's most indebted property developer, with over $300 billion in liabilities. It is struggling to repay bondholders, banks, suppliers, and deliver homes to buyers, epitomising a bloated industry suffering from the Chinese government's deleveraging campaign.
Company chairman Hui Ka Yan stressed during a meeting on Sunday that no one at Evergrande would be allowed to "lie flat", urging employees to fight day and night so that sales can be resumed and debts repaid, Evergrande said in a statement."With the company resuming construction work at full steam, the group plans to deliver 115 projects in December," Hui said in the statement.
The China Evergrande Centre building sign is seen in Hong Kong, China December 7, 2021. REUTERS/Tyrone Siu/File Photo His pledge came a day after China's top real estate regulator told the official Xinhua News Agency the government would resolutely tackle risks stemming from overdue delivery of residential properties by some top developers.
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