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Evergrande shares halted as China orders demolition of 39 housing projects

Evergrande’s stock was down 2.8% as of 11:37 a.m. local time on Jan. 3, according to Bloomberg. Just a few days earlier, on Jan. 1, Evergrande Group had been ordered to remove 39 buildings of the Ocean Flower Island project within ten days.

Evergrande halted trading on the Hong Kong stock exchange but did not explain the reasons.

Last Thursday, Dec. 30, 2021, Evergrande’s stock plummeted after the developer defaulted on international obligations earlier in the week.

The Ocean Flower Island megaproject is on three reclaimed islands in Danzhou, Hainan province. The units are valued at an estimated $1.7 billion. In a court order issued on Dec. 30, 2021, the local authority said that the project violated the Urban and Rural Planning Law.

Chinese media said the project was fined $47 million in 2019 for “illegal activities.”

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