A unit of Evergrande said that the distressed developer has resumed construction at 95% of its project sites across China. The unit was Evergrande’s Pearl River Delta business which mentioned that work has resumed on 734 projects across China as of March 27, of which 424 projects were recovering to normal construction levels. It said that Evergrande will “continue to maintain the normal construction of the projects in order to deliver the buildings to the owners with guaranteed quality and quantity at all costs”. Pearl River Delta added that there was strong support from the provincial government for acceleration of work and production on its business.
Evergrande’s dollar bonds were almost unchanged, trading at ~12 cents on the dollar.
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