Troubled Chinese developer Evergrande said Wednesday that it has delivered over 57,400 units to buyers between July and October, in a latest bid to calm worries over its liquidity crunch.

As one of China's biggest property developers, fears around Evergrande's debt mountain have battered investor sentiment and shaken the country's mammoth real estate market.

But the firm has been trying to shore up confidence in recent weeks -- including meeting recent interest payments it had been expected to miss -- and said last month that work had resumed on over 10 stalled projects.

On Wednesday the company posted to social media that from July to October it had finished and delivered 57,462 new properties to their buyers.

"Guaranteeing property deliveries is the top priority of Evergrande Group," the statement added.

The completed properties were across 184 different projects, it said.

Shares rose more than 2.5 percent in Hong Kong on Wednesday afternoon.

Evergrande is bogged down in a sea of over $300 billion in liabilities, but averted default twice in October after making overdue interest payments to offshore bond holders.

The crisis has prompted rare public anger and protests from anxious homebuyers, suppliers and investors.

The developer plunged into crisis after Beijing began clamping down on the country's colossal property sector, which by some estimates accounts for a quarter of the economy, in a bid to rein in excessive debt.

China now appears to be rolling back some of those regulations, however, with the Securities Times reporting earlier that local banks had begun easing some credit controls on homebuyers and developers in the wake of orders from the central bank.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Tokyo leads most Asian markets up but China data hits Hong Kong
Hong Kong (AFP) Nov 1, 2021
Most Asian and European markets rose Monday, with Tokyo leading the way as a win for Japan's ruling party in a weekend general election fuelled hopes it will push ahead with a fresh stimulus, though Hong Kong was hit by data showing further weakness in China's economy. News that inflation had hit a 30-year high in the United States and a 13-year peak in the eurozone added to long-running concerns that price rises are in danger of running out of control, while piling more pressure on central banks to ... read more