恒大集团自2021年爆发债务危机以来，其‘保交楼’（即确保已售楼盘如期交付）成为政府、购房者和社会关注的焦点。为稳定房地产市场和保障购房者权益，中国政府将‘保交楼’列为政策重点，并设立专项借款和协调机制支持项目复工。恒大也陆续在全国多地推进部分项目的复工与交付，但整体进展仍不均衡。目前，恒大资金链极度紧张，资产处置进展缓慢，且面临大量未完工项目。尽管有地方政府介入协调，部分项目依靠引入合作方或国资平台得以续建，但许多楼盘仍处于停工或半停工状态。购房者对能否按时收房普遍持悲观态度，维权事件时有发生。从政策层面看，‘保交楼’仍是中央定调的底线任务，短期内不会放松。但恒大自身造血能力几近丧失，高度依赖外部输血。若后续融资支持不足或资产变现受阻，其‘保交楼’承诺恐难全面兑现。因此，虽然局部项目有望交付，但整体稳定性仍存较大不确定性。
Since Evergrande Group’s debt crisis erupted in 2021, its commitment to ‘ensuring project delivery’—delivering already sold residential units on schedule—has become a focal point for the government, homebuyers, and the public. To stabilize the real estate market and protect buyers’ rights, the Chinese government has prioritized ‘project delivery assurance’ as a key policy objective, establishing special loans and coordination mechanisms to support construction resumption. Evergrande has gradually resumed work and delivered some projects across various regions, though progress remains uneven.Currently, Evergrande faces severe cash flow constraints, slow asset disposals, and a large number of unfinished developments. While local governments have intervened to facilitate cooperation with state-owned or third-party entities to restart certain projects, many remain stalled or only partially operational. Homebuyers are largely pessimistic about timely delivery, leading to frequent protests and legal actions.From a policy standpoint, ensuring project delivery remains a non-negotiable priority for Beijing in the near term. However, Evergrande has virtually lost its ability to generate internal cash flow and relies heavily on external financial support. Without sufficient follow-up funding or successful asset liquidation, the company may struggle to fulfill its delivery commitments comprehensively. Thus, while select projects may be completed, overall stability remains highly uncertain.
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