Troubled Chinese developer told to demolish resort

Published January 4, 2022 12:18 AM

By JOE McDONALD
AP Business Writer

BEIJING (AP) — A troubled Chinese real estate developer that is struggling with $310 billion in debt has suffered a new blow after it was ordered to demolish a 39-building resort complex. Evergrande Group was found to have improperly built the project in Danzhou, a city on the island province of Hainan in the South China Sea, according to an order reported by Chinese media. It said the company was given 10 days to demolish it. Evergrande Group asked Monday for trading of its shares in Hong Kong to be suspended pending an announcement. Evergrande, the global real estate industry’s most-heavily-indebted developer, warned last month it might run out of cash to keep up with debt payments.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

ABC 17 News is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.