Developer Evergrande says 57,400 properties have been turned over to buyers



Struggling Chinese developer Evergrande said on Wednesday it delivered more than 57,400 units to buyers between July and October, in a final attempt to allay concerns over its liquidity crunch.

As one of China’s largest real estate developers, fears surrounding Evergrande’s mountain of debt rocked investor sentiment and rocked the country’s massive real estate market.

But the company has tried to build confidence in recent weeks – including responding to recent interest payments it was due to miss – and said last month that work had resumed on more than 10 stalled projects.

On Wednesday, the company posted on social media that, from July to October, it had completed and delivered 57,462 new properties to their buyers.

“Guaranteeing the delivery of goods is the top priority of the Evergrande group,” the statement added.

The completed properties were for 184 different projects, he said.

Shares rose more than 2.5% in Hong Kong on Wednesday afternoon.

Evergrande is mired in a sea of ​​more than $ 300 billion in liabilities, but twice avoided default in October after making past due interest payments to offshore bondholders.

The crisis has sparked rare public anger and protests from anxious buyers, suppliers and investors.

The developer plunged into crisis after Beijing began cracking down on the country’s colossal real estate sector, which by some estimates accounts for a quarter of the economy, in a bid to curb excessive debt.

However, China now appears to be rescinding some of those regulations, with the Securities Times earlier reporting that local banks have started relaxing some credit checks on homebuyers and developers following central bank orders.


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