China Evergrande Group announced that the company has resumed construction of most of its projects under pressure from the government to pay its debts.According to the company's statement, nearly 92% of Evergrande's real estate projects have been resumed, up from 50% in September. The number of workers involved in the projects that have resumed construction has increased to 89,000 by 31% since September.Evergrande is struggling with more than $300 billion in liabilities as the government's campaign to reduce developer debt and curb years of speculation in the housing market affect the situation.With concerns that a deepening industry crisis would hurt economic growth and undermine social stability, Beijing has begun cutting financing for some developers as well as homebuyers.In its quarterly monetary policy statement, China's central bank promised to boost support for the economy, while reiterating its goal of promoting strong growth in the real estate sector as well as protecting property buyers' rights and fully satisfying demand.According to Wang Menghui, Minister of Housing and Urban-Rural Development, the government will make efforts to stabilize land and housing prices and ensure reasonable demand. Evergrande will need maximum productivity to be able to provide 39,000 apartments in 115 projects during this month.The company also reported that more than 80% of Evergrande's business partners, such as decorators and permanent material suppliers, have resumed working with the company. In addition to obligations to banks, suppliers, and individual investors in capital management products, Evergrande has $7.4 billion in bonds maturing in 2022.The company expects to pay a coupon of about $255 million on the two-dollar bills on Tuesday. Most of the offshore dollar notes are trading below $0.23 on the dollar.Evergrande's stock declined by 90% this year.
