- Troubled Chinese real estate giant Evergrande claims it has resumed work on several real estate projects.
- Posts claiming construction has resumed come from the WeChat accounts of Evergrande’s Guizhou, Shenzhen and Pearl River Delta offices.
- What appeared to be like timestamped images attached to the posts showed workers returning to 46 different construction sites.
To build confidence in its real estate business, ailing Chinese real estate giant Evergrande posted multiple posts on its official social media accounts over the past week, claiming that work on its unfinished construction projects will resume.
Evergrande is now the most heavily indebted company in the world and currently sees itself more than $ 300 billion in debt. The enterprise couldn’t pay his debts Trigger vibrations regional and international markets and sparking a real estate and asset management debt crisis cited by some analysts China’s “Lehman Brothers Moment”.
Much of the company’s properties, including a $ 1.8 billion lotus-shaped soccer stadium in Guangzhou, are still partially built. Work on most of the Evergrands 800 development projects across China Also encountered significant roadblocks in the summer.
But Evergrande could now try to restore shoppers’ confidence in its business through contributions to the official WeChat accounts of its local offices in southwestern Guizhou Province and the southern cities of Shenzhen and the Pearl River Delta.
the first post The resumption of work on the company’s construction sites was drawn up by Evergrande’s office in the Pearl River Delta. It contained seemingly timestamped images of work resumed on the morning of September 24 at Evergrande properties in three cities in Guangdong province – Foshan, Heyuan and Qingyuan.
In the mail, the company’s Pearl River Delta office announced that work on 20 developments in the area had restarted and promised the properties would be delivered to customers on time.
“We are moving forward in line with our corporate mission and will not disappoint,” the company’s Pearl River Delta office said in a September 28 statement.
The company’s local office in Guizhou has a WeChat post on September 29, which also contained seemingly time-stamped photos of workers on 16 different construction sites in the province, who went back to work on September 26.
Separately, Evergrande’s Shenzhen office released an update on his WeChat account on Wednesday, which appeared to show workers at 10 different locations returning to construction sites on September 29th.
Insider could not independently verify that workers had returned to these locations. Additionally, Insider’s search on Weibo, the country’s Twitter-like platform, did not find any photos or videos of the construction sites captured by social media users.
“Handing over real estate is Evergrande’s commitment to every customer and a responsibility we must fulfill,” the Shenzhen office wrote in its September 29 post. “Over the past few days, Evergrande has made it a point of resuming construction and delivering our properties to buyers. We have done everything we can to protect the rights and interests of our customers.”
Evergrande did not immediately respond to Insider’s request for comment.