China Evergrande working with Shenzhen government-owned company to complete property development projects

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Embattled China Evergrande Group is working with a real estate investment and operations company owned by the Shenzhen municipal government to complete four property developments in the city, the two firms said in a joint statement.

As instructed by the authorities, Evergrande has introduced Shenzhen Longgang Ancheng Investment Operation Co Ltd into four developments situated in the Longgang district, according to the statement.

The state-owned companies will help with the project construction to ensure delivery of homes to buyers, they said.