Evergrande chairman confident company will ‘walk out of its darkest moment’ By Reuters
BEIJING (Reuters) – China Evergrande Group is 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.
Hui Ka, China’s mid-autumn celebration, wrote a letter to staff that praised employees for their hard work and stated Evergrande would deliver the property projects promised and fulfill its responsibilities towards property investors, property buyers, financial institutions, and partners.
As it attempts to prevent a liquidity crisis from threatening its financial stability, the nation’s second largest developer is struggling to find funds to repay creditors and suppliers.
Hui stated, “I believe Energrande can emerge from its worst moment and resume full-scale constructions quickly to reach the crucial target of delivering property projects as promised.”
Hui was unable to elaborate on the ways that Energrande would achieve its goals.
Last year, its Hong Kong-listed shares fell 3% to HK$2.21 at 0318 GMT. The stock has fallen 84% since then. Investors fear that Evergrande’s financial woes could spread contagion to the global economy.
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