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.
Work on the five-tower condominium and 16 blocks of apartments at the sprawling development in central China has been halted since August and July, respectively, according to a staff member who declined to give his name.
"We worry that if Evergrande goes bankrupt, its assets could be frozen, and we'll lose the home," said Tan Liangliang, who is part of a social media group of about 200 worried buyers at the Evergrande Oasis project in Luoyang. Some buyers said they expected construction to resume this month or next, but others said sales agents had simply told them to wait. The staff member who declined to identify himself said construction would resume in late October or early November but gave no other details.
Across China, Evergrande has hundreds of thousands of uncompleted units that need to be delivered to buyers, Raymond Cheng, a managing director of CGS-CIMB Securities, told Reuters last month. Early this month, it held a pledge-signing ceremony with project teams across the country, promising buyers that construction would proceed.
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