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Dec 26, 2022
, Bloomberg News
(Bloomberg) -- China Evergrande Group must meet its target of delivering 39,000 units of apartments in December and can resume sales and pay off debt, Hui Ka Yan, the chairman of the cash-strapped developer, said Sunday.
China’s central bank pledged greater support for the real economy, and reiterated its aim to promote the property sector’s “healthy” growth and protect home buyers’ rights.
Evergrande’s shares declined for a fifth week last week, the longest streak since September. Its stock has plunged 90% this year, and the firm was labeled a defaulter for the first time earlier this month.
Key Developments:
PBOC Pledges to Support Economy (8:21 a.m. HK)
China’s central bank pledged greater support for the real economy, and said it will make monetary policy more forward-looking and targeted.
There will be more “proactive” use of monetary policy tools, the People’s Bank of China said in a statement on Saturday.
The monetary policy committee held a meeting on Friday that was chaired by Governor Yi Gang. The central bank also reiterated its aim to promote the property sector’s “healthy” growth and protect home buyers’ rights, as well as work to better meet housing demand.
Evergrande Vows Home Deliveries (8:17 a.m. HK)
Evergrande must “sprint at full speed” to meet the target of delivering 39,000 units of apartments in December, chairman Hui Ka Yan said in a meeting held Sunday night, according to a company statement.
More than 80% of decoration partners and long-term material suppliers have resumed cooperation with Evergrande, the company said. Hui said the firm can restart sales and operations and pay off debts as long as it makes every effort to resume projects and deliver to home buyers.
©2021 Bloomberg L.P.
