A pedestrian walks past the construction site of a China Evergrande Group development in Wuhan, China, on Wednesday, Dec. 22, 2021. Defaulter China Evergrande Group is prioritizing payments to migrant workers and suppliers as regulators demand that the developer head off risk of social unrest. Photographer: Andrea Verdelli / Bloomberg
(Photo: Bloomberg)
Frankfurt Encouraging statements on business development give China Evergrande a boost. The shares of the ailing real estate company headed for the biggest daily gain in three months in Hong Kong on Tuesday with a plus of around ten percent.
The company says it plans to complete 39,000 units in December. In the previous months, there were fewer than 10,000 units in each case. The debt-ridden property developer is reacting to the demands of the authorities. They had asked Evergrande to pay migrant workers and deliver apartments.
The developer has almost 800 unfinished real estate projects across China and up to 1.2 million customers who are still waiting to move into their new apartments, according to the research company REDD Intelligence.
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