Evergrande Vows to Finish Half of Units Under Construction This Year

Debt-ridden China Evergrande Group has vowed to speed up construction and complete 50% of outstanding real estate projects within the year, in an effort to push its business back on track.

The pledge reflects how the once largest Chinese real estate firm is desperate to raise cash to pay bills through housing sales, given its challenges with borrowing money due to default risks. It is now one of the most heavily indebted developers in China with about $300 billion in on-balance-sheet liabilities and an unknown amount of off-balance-sheet debt.