China Evergrande expects to hit 2022 property delivery target

DEBT-LADEN real estate developer China Evergrande Group will achieve its property delivery target for this year, its chairman Hui Ka Yan said in an internal meeting on Friday (Dec 2).

The company aims to deliver 300,000 units this year, after delivering 256,000 between January and November, it said in a statement, citing Hui’s comments in the meeting.

“We have to deliver 44,000 units in December which has 29 days left. The schedule is tight and our tasks are heavy,” Hui said in the statement.

Evergrande has been scrambling to raise funds it needs to pay its many lenders and suppliers.

Bondholders of Hengda Real Estate, Evergrande’s flagship onshore business, agreed to an extension of bond repayment and interest payment on one of its domestic bonds earlier in the day.

The repayment date will be postponed from Dec 5 to June 5 next year.

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China Evergrande’s electric vehicle unit, meanwhile, has suspended mass production of its only model because of a lack of new orders, two people with knowledge of the matter said on Friday, in the latest set of troubles facing the indebted group. REUTERS