Evergrande Suspends Trading After Report of Demolition Order

(Bloomberg) — China Evergrande Group halted trading in its shares following a domestic media report that the company has been ordered to tear down apartment blocks in a development in Hainan province.

The shares were suspended pending an announcement containing inside information, Evergrande said in a brief statement. A local government in the southern island province told Evergrande to demolish 39 buildings in 10 days because the building permit was illegally obtained, Cailian reported on Saturday. The project is on artificially built islands off the coast of Hainan.