Money

Evergrande Group resumes work despite financial crisis

Published

4 years ago

October 25, 2021

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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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.