Embattled Chinese firm Evergrande will deliver almost four times the number of housing units to buyers in December than in the previous three months, its chairman said, as the real estate behemoth grapples with massive debts.
Evergrande -- drowning in $300 billion in liabilities -- has struggled to repay bondholders and investors after becoming ensnared in Beijing's deleveraging crackdown on the bloated property sector.
"Since the company's troubles began, we delivered fewer than 10,000 units in September, October and November," chairman Hui Ka Yan -- known as Xu Jiayin in Mandarin -- told a company meeting Sunday evening, according to a post on Evergrande's official WeChat account. In recent months, the company has repeatedly said it will finish its unfinished projects and deliver them to buyers in a desperate bid to salvage its debts, despite having missed a payment of more than $1.2 billion earlier this month.
Since then, the bloated firm has tried to sell off its assets and shave down its stakes in other firms, with Hui paying off some of the debts using his own considerable personal wealth.
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