Evergrande Pledges to Resume All Paused Property Project

• 14 September 2022
• International News
• 1425 Views

China Evergrande has vowed to restart construction of all frozen property projects by the end of September, prompting a response to the nationwide mortgage boycott, reported the Financial Times.

38 projects will be resumed by the end of September while 62 others will be restarted to “normal level”, according to a company statement released on Monday.

The Evergrande debt has caused severe trouble in the Chinese property sector while many other large real estate firms are also following similar paths.

Those developers were unable to replay their debt and suspended their projects, causing hundreds of thousands of homeowners to stop making mortgage payments on unfinished properties in protest.

To mitigate the bigger economic fallout from the property crisis, Chinese authorities have launched special loan schemes to help support struggling developers.

• Economy and Finance