Troubled Evergrande Real Estate Group said it has resumed construction on most of its housing projects, as authorities push the debt-laden developer to pay workers.
And work was resumed in 92% of the company’s projects, compared to 50%, only at the beginning of last September, at a time when the number of workers returning to work increased by 31%, compared to the same period.
This comes at a time when the real estate group was classified as defaulting, after it stopped making payments on its bonds, as its financial obligations are estimated at hundreds of billions.
On December 9, 2021, the credit rating agency Fitch announced that the giant Chinese real estate group Evergrande, which suffers from huge debts and worries money markets, “defaulted” on its payment.
The group was supposed to pay $82.5 million on November 6, with an additional grace period that ended on Tuesday.
And Evergrande, which has debts of about $300 billion, is one of the largest real estate groups in China and employs two hundred thousand people, while its activity generates 3.8 million jobs in the country, according to the company.