China Evergrande is struggling under hundreds of billions of dollars worth of debt
HONG KONG – Shares in the embattled Chinese property giant Evergrande rallied on Tuesday after a day-long suspension, as the company confirmed it has been ordered to demolish part of a resort in Hainan province.
China’s property firms have struggled in the wake of Beijing’s drive to curb excessive debt in the real estate sector as well as rampant consumer speculation.
Evergrande confirmed on Tuesday that it had received orders to tear down 39 buildings at the “Ocean Flower Island” development in the southern Chinese province.
The decision came from authorities on December 30 and only affected one plot of land under development, the company said in an announcement to the Hong Kong stock exchange.
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