Embattled Chinese property developer Evergrande isn’t starting the year in a festive mood.
The company said Tuesday that it had received an order from a local government to tear down 39 buildings on the Chinese tropical island of Hainan. Evergrande hasn’t disclosed why the Danzhou government ordered the demolition. Local media reported that the construction was approved illegally. Evergrande said the order won’t affect the rest of the development, on which it has spent 81 billion yuan, the equivalent of $12.8 billion, for more than 60,000 apartments.
