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Sep 13, 2022 04:45 PM
ECONOMY

Evergrande Vows to Resume All Projects to Allay Boycott Concerns

Mortgage boycotts on presold homes could pose a threat to social stability ahead of a Communist Party congress next month. Photo: Bloomberg
Mortgage boycotts on presold homes could pose a threat to social stability ahead of a Communist Party congress next month. Photo: Bloomberg

(Bloomberg) — China Evergrande Group pledged to resume its remaining stalled projects by the end of the month, as the debt-laden developer tries to allay concerns that prompted some homebuyers to refuse to pay mortgages for unfinished apartments.

The company will restart construction on 38 developments by Sept. 30, it said in a statement late Monday, citing Chairman Hui Ka Yan’s weekly staff meeting. It has already resumed building on 668 of the total 706 projects, it said.

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