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Bond Market News
Evergrande’s Hui Vows to Resume Construction & Deliver 600,000 Apartments
February 10, 2022
Evergrande’s Chairman Hui Ka Yan said in an internal meeting on Sunday that the company needs to repay its debts by restoring construction activities, not by selling-off assets at fire sale prices. He vowed to complete 50% of pre-sold homes with a goal of delivering 600,000 apartments in 2022, as per Reuters sources. Hui added that the company has about ~RMB 50bn ($7.9bn) of pre-sale funds in escrow accounts to pay for construction and RMB 170bn ($26.7bn) of cash yet to be collected.
In related news, Evergrande CEO Xia Haijun sold $128mn in face value worth of Evergrande bonds in the early days of its crisis last year. As per an exchange filing, he sold the bonds at prices of ~36-52 cents on the dollar in late-July and early-August. Evergrande’s dollar bonds are currently trading at ~15 cents on the dollar.
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