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  21 Sep 2021, 10:51

Evergrande founder offers staff assurances: state media

     BEIJING, Sept 21, 2021 (BSS/AFP) - The chairman of indebted Chinese

housing giant Evergrande has told staff he believes the group will "step out
of the darkest moment soon", state media reported Tuesday, as Asian stock
markets panic over fears the conglomerate will default.

     The embattled developer has been struggling to appease angry homebuyers
and investors as it sways on the brink of collapse with debts exceeding $300
billion.

     Xu Jiayin, who founded the company in 1996, told staff in a letter to
mark mid-autumn festival that he "firmly believes Evergrande will be able to
step out of the darkest moment soon", reported the state-run Securities
Times.

     He went on to say Evergrande would increase the full resumption of work
and production, ensure the delivery of buildings, and "hand over a
responsible answer to home buyers, investors, partners and financial
institutions".

     He also thanked staff for their hard work in the letter, as China
celebrates a two-day public holiday.

     It came as fears of contagion saw Hong Kong and Tokyo stocks tumble in
morning trading, with other property firms in the firing line.

     The Evergrande crisis has even triggered rare protests outside the
company's offices in China by investors and suppliers demanding their money -
- some of whom claim they are owed as much as $1 million.

     The company admitted earlier this month that it was under "tremendous
pressure" and may not be able to meet its liabilities.

  

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