(Yicai Global) Dec. 27 -- Beleaguered China Evergrande Group, which is under great pressure by regulators to resolve its debt crisis and ensure stability in the country’s real estate market and financial sector, has said that it will hand over 39,000 residential properties to buyers this month as the majority of its projects are moving forward again.

Evergrande will do everything in its power to complete 115 projects this month, amounting to 39,000 units, the Shenzhen-based firm said yesterday. Between September and November, the company had delivered less than 10,000 properties a month as a lack of liquidity brought many projects to a standstill.

Work at 91.7 percent of real estate projects has resumed, up from 51.7 percent three months ago, the developer said. Some 89,000 people are back at work, 31 percent more than in September, despite the winter slowdown in construction. And over 80 percent of contractors, such as decorators and material suppliers, have been re-engaged.

Evergrande became a defaulter for the first time on Dec. 9 when it was unable to repay a USD260 million loan. The Guangdong province government summoned company Chairman Xu Jiayin for talks that day, saying that the developer must ensure that its over 700 projects keep moving forward and must not be abandoned.

Editor: Kim Taylor