Jan 04, 2022 08:06 PM

Evergrande Shares Resume Trading After Clarification of Island Resort Demolition Order

Photo: VCG
Photo: VCG

Debt-challenged developer China Evergrande Group’s shares resumed trading Tuesday in Hong Kong as the company tried to ease homebuyer and investor concerns about a local government order for it to tear down 39 apartment buildings in Hainan province.

The shares were suspended the previous day after the Danzhou city government told Evergrande that it had 10 days to demolish the buildings because its building permit was illegally obtained. The buildings are part of a resort project involving artificially built islands off the coast of the southern island province.

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