State-Owned Firm Joins In on 4 Evergrande Projects

NTD Newsroom
By NTD Newsroom
September 28, 2022China in Focusshare

China’s now-infamous real estate giant, Evergrande Group, is reportedly teaming up with a real estate firm owned by China’s Shenzhen city.

Together, they’re set to complete four property developments in the Chinese tech hub, according to a joint statement released by the two companies on Monday.

Following instructions laid out by local authorities, Evergrande has introduced the Shenzhen Longgang Ancheng Investment Company into four developments, all of them situated in Shenzhen’s Longgang district.

They say the state-owned firm will help with project construction to ensure homes will be delivered to buyers.

Evergrande made a similar promise earlier this month, saying that construction of all projects across China will resume by the end of September after the developer failed to meet an earlier deadline.

Carrying over $300 billion in debt, Evergrande was forced to suspend the construction of many projects late last year.

As of mid-September, the company said nearly 20 percent of those projects had not resumed construction.

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