Crisis-stricken Chinese developer China Evergrande Group has been dealt another blow with an order to demolish 39 buildings at a mega resort it is developing on artificial islands off the island of Hainan on China’s southern coast. Evergrande informed Hong Kong stock exchange on 4 January that it has received the demolition order concerning part of its Ocean Flower Island resort from the city of Danzhou on 30 December 2021. Evergrande did not give the reason for the order. According to state-affiliated newspaper Global Times, the city’s penalty notice referred to the company’s unlawful means of obtaining the project certificate, adding that the city had given Evergrande 10 days to tear the buildings down.Evergrande stressed that the demolition notice pertained “only” to 39 buildings on plot 2-14-1 located on No.2 Island, and does not involve other plots of land of the Ocean Flower Island project. Consisting of three artificial islets, Ocean Flower Island resort is intended to be a top cultural tourism attraction representing an investment of around USD 25 160 billion. It claims to have the world’s biggest conference centre, 58 hotels, theme parks, museums, a European wedding manor, performance venues, shopping and dining streets and a large shopping mall.The day before that statement, Evergrande asked the Hong Kong stock exchange to suspend trading in its shares pending confirmation of the demolition order.
Crisis-stricken Chinese developer China Evergrande Group has been dealt another blow with an order to demolish 39 buildings at a mega resort it is developing on artificial islands off the island of Hainan on China’s southern coast. Evergrande informed Hong Kong stock exchange on 4 January that it has received the demolition order concerning part of its Ocean Flower Island resort from the city of Danzhou on 30 December 2021. Evergrande did not give the reason for the order. According to state-affiliated newspaper Global Times, the city’s penalty notice referred to the company’s unlawful means of obtaining the project certificate, adding that the city had given Evergrande 10 days to tear the buildings down.Evergrande stressed that the demolition notice pertained “only” to 39 buildings on plot 2-14-1 located on No.2 Island, and does not involve other plots of land of the Ocean Flower Island project. Consisting of three artificial islets, Ocean Flower Island resort is intended to be a top cultural tourism attraction representing an investment of around USD 25 160 billion. It claims to have the world’s biggest conference centre, 58 hotels, theme parks, museums, a European wedding manor, performance venues, shopping and dining streets and a large shopping mall.The day before that statement, Evergrande asked the Hong Kong stock exchange to suspend trading in its shares pending confirmation of the demolition order.
