LUOYANG - 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.
Evergrande, the country's No. 2 property developer, is scrambling to raise funds to pay lenders, suppliers and investors, with regulators warning its $305 billion of liabilities could spark broader risks to the country's financial system if not stabilized. At the 16 blocks, at various stages of completion, cranes lay idle and no workers could be seen. Plastic sheets flapped from some balconies, steel reinforcement bars protruded from others another.
"I collapsed when I heard that construction had halted. How my heart hurts," a middle-aged woman who didn't want to give her name told Reuters outside the sales office. "For regular folks like us, all our life-savings had gone into the house."
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