Evergrande is developing 1,300 real estate projects across the country, and the group employs around 200,000 people.
(Photo: Reuters)
Dusseldorf Hui Ka Yuan spreads confidence: he is certain that the company, which is threatened with insolvency, will leave “its darkest hour” behind, the chairman of the Evergrande board of directors wrote in a letter to employees reported by local media on Tuesday.
He promised that the company would terminate real estate projects as announced and meet liabilities to buyers, investors and banks. A spokesman for China’s second largest real estate developer confirmed the contents of the letter. Evergrande is developing 1,300 real estate projects across the country, and the group employs around 200,000 people.
The highly indebted company has been keeping investors around the globe in suspense for weeks. The company piled up $ 305 billion in debt, and now it has problems servicing its creditors. According to reports from financial news agency Bloomberg, several important interest payments are due at Evergrande this week, including interest on two bonds from the construction company on Thursday.
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