- Title: At half-built Evergrande apartments in China, buyers seek answers
- Date: 17th September 2021
- Summary: LUOYANG, HENAN, CHINA (SEPTEMBER 16, 2021) (REUTERS) VARIOUS OF HALF-BUILT RESIDENTIAL BUILDINGS BY EVERGRANDE LOGO OF EVERGRANDE OASIS PROPERTY DEVELOPMENT IN BAD CONDITION VARIOUS OF TRASH IN FRONT OF HALF-BUILT BUILDING (SOUNDBITE) (Mandarin) HOME BUYER, FAN WANTING, SAYING: "When we bought the property, we also considered the fact that Evergrande had so many real estate developments all over the country. Now that we are all worried about the delayed delivery and the project has stopped, so I came to find out about the situation." HALF-BUILT BUILDING (SOUNDBITE) (Mandarin) HOME BUYER, FAN WANTING, SAYING: "We have been here three times and saw that the construction site and the tower crane have not moved. So we came over to ask, and they told us that we had to wait for notifications." JOURNALIST ASKING: "Are you worried when you see other negative news about Evergrande?" "I'm worried, we all bought it ourselves with our hard-earned money." VARIOUS OF HALF-BUILT BUILDINGS (SOUNDBITE) (Mandarin) HOME BUYER, FAN WANTING, SAYING: "We definitely hope that the government will come out and give us an assurance. We still have to pay the mortgage. Our children go to school around here. The pressure on our young people is also very high. We hope that the construction will return to work as soon as possible and then hand over the house as soon as possible. In this case, we have at least a guarantee for our lives." HALF-BUILT BUILDING LOGO OF EVERGRANDE OASIS (SOUNDBITE) (Mandarin) UNIDENTIFIED HOME BUYER, SAYING: "They told us that the financial situation is not good and that they have no money (to give us back). At that time, we also knew that Xu Jiayin (Evergrande chairman) was going downhill. Our building is finished, but the building over there is not built, what should they do? Is it going to be a half-built building forever? Our buildings are ok here, but we can't get a refund for our parking lot." VARIOUS OF HOARDING AROUND CONSTRUCTION SITE VARIOUS OF EVERGRANDE DISPLAY SHOWROOM LUOYANG, HENAN, CHINA (SEPTEMBER 15, 2021) (REUTERS) LOGO FOR EVERGRANDE OASIS (SOUNDBITE) (Mandarin) UNIDENTIFIED EVERGRANDE OASIS SALESMAN, SAYING: "Now we have a lot of layoffs here, so the laid-off employees worry that their wages will not be paid. As a matter of fact, the leaders have said before that layoff do not affect wages, it is only a matter of time that they get paid after being laid off." JOURNALIST ASKING: "Did the layoffs start early?" "The layoffs began in July and August this year. My own guess is that it was meant to deal with its own financial crisis." SIGN READING (Mandarin): "SALES CENTRE" VARIOUS LOGOS OF EVERGRANDE OASIS
- Embargoed: 1st October 2021 12:12
- Keywords: Chinese property market Evergrande debt investors property bubble
- Location: LUOYANG, HENAN PROVINCE, CHINA
- City: LUOYANG, HENAN PROVINCE, CHINA
- Country: China
- Topics: Asia / Pacific,Debt Markets,Economic Events
- Reuters ID: LVA001EV3VM13
- Aspect Ratio: 16:9
- Story Text: A steady stream of anxious apartment buyers flowed into the sales office of the Evergrande Oasis complex outside the city of Luoyang this week, seeking answers after construction was halted by the giant developer's severe cash crunch.
The complex is among a host of uncompleted homes across the country that have seen work grind to a standstill as result of the crisis engulfing China Evergrande Group, which is scrambling to raise funds to pay lenders, suppliers and investors, with regulators warning its $305 billion of liabilities could spark broader risks to the country's financial system if not stabilised.
Late last month, the company said some projects had been suspended because of delays in payment to suppliers and contractors, and that it was in negotiations with them and coordinating with the government to resume construction.
Early this month, it held a pledge-signing ceremony with project teams across the country, promising buyers that construction would proceed.
Buyers are placing their hopes on the government, which has asked Evergrande to guarantee that it can deliver on units sold.
(Production: Thomas Suen)
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