– Evergrande earns 4% on the Hong Kong stock exchange after the company avoided default and announced the resumption of some construction sites such as the one in Shenzhen.
The real estate group, one of the largest in China, has an estimated debt of € 260 billion. His financial situation is being scrutinized with concern because its possible collapse could slow the growth of the Asian giant.
On October 22, to analysts’ surprise, Evergrande paid $ 83.5 million (€ 71.8 million) in overdue interest.
Investors welcomedand Evergrande’s announcement of the resumption of operations at 10 yards across the country, in six different locations. The group had 778 projects under development in 233 cities in China at the end of June.
Work on some sites has been stopped in the past several months after several suppliers and contractors began complaining about non-payment of several commissions.
The company went into crisis when Beijing began tightening on the real estate sector last year of the country (some estimates say it represents a quarter of the economy) in an attempt to contain the excessive debt of some of the most active companies.