Chinese Evergrande resumes construction on projects | Financial

China’s largest real estate developer has been in trouble for months because it lacks cash to meet interest obligations on its $300 billion debt. Last week, a last-minute interest payment was made to avoid default. Talks about deal to save Evergrande, however, were shelved.

In a post on the Chinese messaging service WeChat, the developer announced on Sunday that some projects had entered the interior design phase and construction of others had been completed.

In late August, Evergrande reported that construction on some of its 1,300 projects had been halted due to funding problems. Last month, the company promised customers that their homes would be completed, as did a football stadium under construction in Guangzhou that will cost nearly €1.5 billion and become one of the largest in the world.

—