This week, Evergrande Xu Jiayin's chairman sent a letter of support to 125,000 employees.
He encouraged them all to persevere in the face adversity, and promised that the company would soon "walk through the darkness."
Estimates put the real-estate giant at $300 billion in debt.
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Xu Jiayin (chairman of Evergrande, a Chinese real-estate firm that is in serious trouble), sent a September 21 letter to 125,000 employees, encouraging them to come together to face the looming corporate problems.
This real-estate firm was once China's largest property developer, but it is now on the verge of collapse. The Shenzhen-headquartered company has more than $305 billion in liabilities more than any other company in the world, Markets Insider reported.
According to its 2019 annual report, Evergrande has completed 876 projects over 293 million square metres of land. It also owns properties in every Chinese province.
Evergrande was unable to pay its interest payments after Beijing's Central Government imposed new rules in January.
The impending collapse of the property developer could have wide-ranging consequences, as international and regional markets react to what analysts call China's "Lehman Brothers moment." The Dow has dropped more than 700 points in response to Evergrande's crisis.
Insider received a copy the letter Xu sent via email to his 123 276 employees on September 21. From the original Chinese, we have translated the letter to English. Insider reached out to Evergrande and Xu for clarification but they did not respond immediately.
Do you have a tip for an Evergrande employee? Contact this reporter at cteh@insider.com
Below, you can read the entire letter of Xu:
"Dear colleagues and leaders of departments,
On the occasion of the Mid-Autumn Festival, I send my best wishes and hugs. I wish you and your family a safe and happy holiday. All our employees are fighting for our reopening and resumption production.
Our company is currently facing a huge and unprecedented problem. Our staff have also faced a challenge unlike any other. Our leadership team has overcome every obstacle, standing up for their teams and working hard day and night. They are the pillars of our company's stability. This is where I want to express my deepest appreciation to you all. Your families who have supported and made silent sacrifices for you are also appreciated.
I've always been proud to be part of the company's loyal and hardworking workforce, who never give up, no matter what. Evergrande employees are unstoppable, never lose, and never give up. This is the most powerful source of power we have to win this war and overcome all obstacles.
Further, I believe that if we keep fighting and persevere through this struggle, we can emerge from the darkness quickly.
We can push for a total reopening, and we will be able fulfill our promise to ensure that our properties reach their buyers. We will be able also to answer home buyers, investors and our collaborators with a solid response that demonstrates we are responsible and can take on this responsibility.
We can move mountains if we work together! Let's all unite, my colleagues, and show courage in the face a hundred obstacles, and a strong, steady spirit. Let's all fulfill our responsibility to society and work together for a better tomorrow!
