Evergrande resumes work on more than 10 projects

[ASFN Admin]

China's debt-ridden Evergrande Group said on Sunday (October 24) it had resumed work on more than 10 projects in six cities including Shenzhen.The statement comes after it appeared to avert default with a last-minute bond coupon payment last week.Evergrande has not disclosed how many of its 1,300 real estate projects across China it has had to halt work on.On Sunday, it said in a post on its Wechat account that some of the projects it had resumed work on had entered the interior decoration stage while other buildings had recently finished construction.Evergrande added that its efforts to guarantee construction would shore up market confidence and included several photos of construction workers on different projects.Last week's move 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-biggest economy.

Continue reading...