Evergrande Group, the world’s most indebted developer, was last week ordered to demolish 39 buildings on Ocean Flower Island, a project comprising three man-made islands developed by the company in China’s southern Hainan province, within 10 days. — South China Morning Post
The developer was recently forced to hand over control of its $1.7B football stadium in Guangzhou after spending much of the past year attempting to stave off creditors looking to collect on the company’s reported $310 billion in liabilities, which has recently led to another round of public protests.
The massive development in Hainan province is one of the world’s largest manmade islands and has been the recipient of over $13 billion in Evergrande funds since breaking ground in 2015. The recent order by the Danzhou municipal government stated that Evergrande had illegally obtained building permits to the 435,000-square-meters of development in question, and follows up on a November promise from the city to sell any properties owned by the overleveraged company, according to a report in The Guardian.
2 Comments
The stadium's cost is only $1.7?
Thanks for the correction.
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