The embattled real estate developer was ordered to demolish a 39-building resort complex on Ocean Flower Island, an artificial archipelago off Danzhou.
A Chinese real estate developer is being ordered to demolish one of its largest complexes.
In 2021, Beijing began tightening restrictions on developers. The move was touted as one that would help rein in corporate debt and was implemented as part of the Chinese government's ongoing priority to reduce financial risk. It is not immediately clear how much more debt the company will accumulate due to the demolition on Ocean Flower Island, nor has a timeline for the demolition been announced. Evergrande's buildings are the only ones being demolished on the island.
Economists say Beijing can keep Chinese lending markets functioning normally in the event of an Evergrande default, which looks increasingly likely. However, they say Chinese leaders want to avoid sending the wrong signal by arranging a bailout at a time when they are trying to force companies to reduce surging debt levels.
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