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Hong Kong: about 40 residential buildings China Evergrande GroupMega Resort Project is in progress Hainan Island Rental accommodation, serviced apartments confiscated by the local government and will be met for commercial activities.
In December, the government of danzhou Order to demolish 39 towers in the city Ocean Flower Island Due to environmental and construction violations, about 3,900 of the project’s 65,000 houses have undergone development.
Ocean Flower Island is the largest artificial resort island in the world and is being developed by Evergrande for approximately $13 billion.
By April, local media were reporting that local authorities had changed the status of those towers from “demolition” to “seizure”.
According to the latest document on the project published by the city government in late October, officials have approved the conversion of 16 of the unfinished buildings into rental housing, four into service apartments and the remaining 19 into hotels, offices and retail space.
The seizure of part of the 800-hectare (2,000-acre), flower-shaped project has exacerbated the crisis of what was once ChinaU.S. best-selling developer, which is mired in more than $300 billion in debt and struggling to pay off creditors.
Evergrande declined to comment.
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