- The troubled Chinese real estate giant Evergrande claims it has resumed work on several real estate projects.
- Posts claiming construction was resumed were made by WeChat accounts for Evergrande offices in Guizhou, Shenzhen and the Pearl River Delta.
- Time-stamped photos attached to the posts showed workers returning to 46 separate construction sites.
In an attempt to boost confidence in its real estate business, the beleagured Chinese real estate giant Evergrande has in the last week made several postings on its official social media accounts, claiming that work is resumed with its unfinished construction projects.
Evergrande is now the most indebted company in the world and currently faces more than $ 300 billion in liabilities. The company failed to pay its debts, set off tremors across regional and international markets, and triggered a debt crisis across its property and asset management arms, which some analysts have termed China’s “Lehman Brothers moment.”
Many of the company’s properties, including a $ 1.8 billion lotus-shaped football stadium in Guangzhou, remain partially built. Work on most of Evergrande’s 800 development projects across China also hit significant roadblocks during the summer.
But Evergrande can now try to restore buyer confidence in its business through positions on the official WeChat accounts of its local offices in the southwestern province of Guizhou and the southern cities of Shenzhen and the Pearl River Delta.
The first post on work resumed at the company’s construction sites was made by Evergrande’s Pearl River Delta office. It contained what appear to be time-stamped images of work resumed on the morning of September 24 in Evergrande properties in three cities in Guangdong province-Foshan, Heyuan and Qingyuan.
In the post, the company’s Pearl River Delta office said work had resumed with 20 developments in the area, promising the properties would be handed over to customers on time.
“We are moving forward in line with our corporate mission and will not disappoint,” the company’s Pearl River Delta office said in its Sept. 28 statement.
The company’s local office in Guizhou made a WeChat post on September 29, which also contained images that appeared to be time-stamped, of workers at 16 different construction sites in the province returning to work on September 26.
Separately, Evergrande’s office in Shenzhen announced an update to its WeChat account on Wednesday, which appeared to show workers at 10 different locations returning to construction sites on September 29.
Insider was unable to independently verify that employees had returned to these sites. In addition, Insiders’ search on Weibo, the country’s Twitter-like platform, yielded no photos or videos of the construction sites taken by social media users.
“Property transfer is Evergrande’s obligation to every customer and a responsibility we must fulfill,” the company’s Shenzhen office wrote in their September 29 post. “In the last few days, Evergrande has resumed construction and delivered our properties to buyers our priority. We have done everything we can to protect the rights and interests of our customers.”
Evergrande did not immediately respond to a request for comment.