Evergrande, the Chinese language property developer battling excessive debt, stated it had resumed work on a handful of tasks throughout the Pearl River Delta in southern China because it sought to reassure anxious buyers.

The announcement got here after Evergrande made an $83.5m interest payment on one among its offshore bonds that it had missed in September, state media reported on Friday.

In a publish on the corporate’s WeChat social media account on Sunday, Evergrande printed photos of staff at tasks in no less than 9 southern cities, emphasising that some had even completed development. A few of the timestamped photos of the tasks in Guangdong province had been of tradesmen portray the interiors of the flats.

“On-site development is continuing easily, safely and in an orderly method,” the corporate stated within the assertion. Evergrande is predicated in Shenzhen, which is throughout the border from Hong Kong in Guangdong.

In a submitting on August 31, the corporate stated it had suspended development at quite a few its a whole bunch of tasks, a lot of which had been totally bought, with out offering particulars. The corporate cited delays in funds to suppliers and development charges for the stoppages.

It added that if work was not resumed, “there could also be dangers of impairment on the tasks and affect on the group’s liquidity”.

Chinese language homebuyers have grew to become an increasing number of involved in regards to the scenario, and no less than two local governments have seized control of Evergrande’s gross sales income.

Friday’s report of the bond fee was simply days earlier than the top of a 30-day grace interval would have resulted in a proper default. A bondholder subsequently confirmed to the Monetary Occasions they’d obtained the fee.

The preliminary missed fee on September 23 sparked volatility throughout worldwide markets and international fears over the well being of China’s actual property business, which contracted within the third quarter, in accordance with information launched final week. Different smaller builders have over current weeks defaulted on their money owed.

Throughout weeks of uncertainty, advisers to Evergrande bondholders had complained they’d obtained no “significant engagement” from the corporate.

As of the top of June, the group’s complete land reserves lined 778 tasks throughout 223 cities in China. It had complete liabilities of greater than $300bn.

The federal government has given no indication it’s going to assist Evergrande, with the Folks’s Financial institution of China earlier in October blaming the corporate for its woes and saying any spillover to the monetary system was “controllable”.

Extra reporting by Joe Rennison in New York