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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... View full entry
Chinese authorities have taken over the Gensler-designed, under-construction Evergrande Guangzhou Football Stadium, commissioned by indebted property developer Evergrande, which was due to become the world’s largest football stadium by capacity, according to Reuters. — Global Construction Review
The Chinese government will either sell or take over the stadium via the state-owned Guangzhou City Construction Investment Group. As reported by Reuters, construction on the stadium has been halted for at least three months, in which Evergrande has been struggling to meet repayments on over $... View full entry
Worries about the giant developer’s ability to repay its debt and a total of $300 billion in liabilities have put global investors on edge. Beyond the company itself, there are worries about a potential spillover into the rest of China’s real estate industry or economy. — CNBC
Evegrande missed another round of payments last Monday, setting it back again ahead of Wednesday’s scheduled $47.5 million interest payment. Investors are blindly looking for a government bailout, but financial experts remain uncertain as to its prospects. The company says it plans to go forward... View full entry
