BEIJING — China Evergrande Group said on Sunday it had resumed work on more than 10 projects in six cities including Shenzhen a statement that comes after it appeared to avert default with a last-minute bond coupon payment last week. Evergrande, deep in crisis with more than $300 billion in liabilities, has not disclosed how many of its 1,300 real estate projects it has had to halt work on. We apologize, but this video has failed to load.
Tap here to see other videos from our team. Try refreshing your browser, or China's debt-ridden Evergrande resumes work on more than 10 property projects The company said on Aug. 31 that some projects were suspended because of delays in payment to suppliers and contractors and it was negotiating to resume building.
On Sunday, it said in a post on its Wechat account that some of the projects it had finished work on had entered the interior decoration stage while other buildings had resumed construction. Evergrande added that its efforts to guarantee construction would shore up market confidence and included several photos of construction workers on different projects, stamped with the time and date. China s second largest property developer last month promised potential buyers it would complete building of their homes and said that work on one of the world s biggest soccer stadiums in the southern city of Guangzhou was proceeding as planned. Last week s move https: www.reuters.com. com world china-evergrande - sends-funds - trustee-bond - coupon-due - sept - 23 - source - 2021 - 10 - 22 to pay $83.5 million in interest on a U.S. dollar bond has bought Evergrande another week to wrestle with a debt crisis looming over the world s second largest economy. Highlighting the stresses on its core business, Evergrande also announced on Friday plans to give future priority to its electric vehicles business over real estate. Evergrande s woes have reverberated across the $5 trillion Chinese property sector, which accounts for a quarter of the economy by some metrics, with a string of default announcements, rating downgrades and slumping corporate bonds. Its debt crisis is also widely watched by global financial markets concerned about broader contagion.