Vehicles drive near unfinished residential buildings from the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 16, 2021. Picture taken September 16, 2021. REUTERS/Carlos Garcia Rawlinsis confident the company will "walk out of its darkest moment", the debt-laden property developer's chairman said in a letter to staff on Tuesday, as nervous global investors fretted about default risks.
In the letter that coincided with China's mid-autumn festival, Hui Ka Yuan, expressed appreciation for the hard work of employees and said Evergrande will deliver property projects as pledged, fulfil responsibilities to property buyers, investors, partners and financial institutions. The nation's second-largest developer, saddled with more than $300 billion in liabilities equivalent to 2% of China's gross domestic product, is scrambling to raise funds to pay its many lenders and suppliers as it tries to stem a liquidity crisis from tipping it into a collapse.
"I firmly believe that with your concerted effort and hard work, Energrande will walk out of its darkest moment, resume full-scale constructions as soon as possible and achieve the pivotal target of delivering the property projects as pledged," said Hui.
If chairman is giving statements, it means get out of it, that is a big warning.
They can 'walk out' at the expense of their creditors & property buyers🤣
& moments after, buildings proceed to collapse in a controlled demolition. 2008 “Bear Sterns is fine. You should buy more” -Jim Cramer
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