HONG KONG (Reuters) – The embattled Evergrande China Group is working with a Shenzhen government-owned real estate investment and operation firm to complete four real estate development projects in the technology hub, the two companies said.
In a joint statement published on the Wechat account of the Evergrande unit in Shenzhen on Monday, they said that in accordance with the instructions of the authorities, Evergrande has introduced Shenzhen Longgang Ancheng Investment Operation Co Ltd into four projects located in Longgang District.
They said the state-owned company will help build the project to ensure homes are delivered to buyers.
Hui Ka Yan, president of Evergrande, said earlier this month that construction of all projects across the country would resume by the end of September, updating the previously unmet schedule.
Struggling with more than $300 billion in commitments, Evergrande was forced to suspend construction on several projects late last year. The company said this month that 38 of the 706 projects in China had not resumed construction as of mid-September.