Report: Troubled Chinese builder promises 600,000 apartments

KIFI

Published February 10, 2022 1:25 AM

By JOE McDONALD
AP Business Writer

BEIJING (AP) — A newspaper says a Chinese real estate developer that is struggling under $310 billion in debt is promising to deliver 600,000 apartments this year. That is a show of confidence that Evergrande Group can can avert a collapse and resume normal business. The company has left investors guessing at its status since the developer warned in December it might run out of cash. Its struggle to avoid default alarmed investors, but Chinese officials say any financial impact can be contained. The Securities Times said Evergrande founder Xu Jiaying announced plans to deliver apartments at a Feb. 6 meeting with employees.

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