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Evergrande Group resumes work despite financial crisis

FILE PHOTO: A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo

China-based Evergrande Group has restarted work on more than 10 projects across six mainland cities

The company is trying to show some stability in its operations after averting a potentially disastrous default on its offshore debt.

The developer, saddled with 1.97 trillion yuan of liabilities, has sent workers to construction sites across major Chinese cities.

The group will says it will “make an all-out effort to comply with the governments’ requirements.”

China’s second-largest property developer also promised to potential buyers that it will complete building of their homes.

Evergrande’s impacts have widely hit the Chinese property sector, which accounts for a quarter of the economy.

Its debt crisis is also being widely watched by global financial markets, who are concerned about broader impacts.

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