Almost 40 residential buildings of China Evergrande Group's mega resort project on Hainan island seized by the local government will be completed for rental housing, serviced apartments and commercial activities.
An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 7, 2022. REUTERS/Aly Songmega resort project on Hainan island seized by the local government will be completed for rental housing, serviced apartments and commercial activities.
In December, the government of Danzhou city ordered demolition of 39 towers in the Ocean Flower Island development, containing roughly 3,900 of the project's 65,000 homes, because ofOcean Flower Island is the world's largest artificial resort island and has been under development by Evergrande for nearly $13 billion.
By April, local media were reporting that the local authorities had changed the status of those towers to "confiscation" from "demolition". According to the latest document on the project, published by the city government in late October, the authorities have approved changing 16 of the incomplete 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 , flower-shaped project has added to the woes of what was once China's top-selling developer, which is reeling under more than $300 billion in debt and struggling to repay creditors.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Review | The new musical ‘Almost Famous’ is not even almost greatThe delightful 2000 rock movie goes to Broadway with disappointing results.
Read more »
US authorities seize $3.36 billion in bitcoin from decade-old Silk Road hackThe Department of Justice has seized over 50,000 bitcoin from a hacker who pleaded guilty to illegally obtaining them from Silk Road 10 years ago.
Read more »
Carlsbad beach advisory lifted by health authoritiesThe San Diego County Department of Environmental Health and Quality ordered the lifting of the beach advisory Saturday because bacteria levels no longer exceed state health standards.
Read more »
Tesla Didn't Want to Give Full Self-Driving Demo to DMV AuthoritiesThe California DMV wanted a demo of Tesla's Full Self-Driving, but the automaker resisted letting some of the DMV's advisers attend.
Read more »
Iowa teen who killed rapist escapes from probation center, authorities sayPieper Lewis, 18, was seen walking out of the building at the Fresh Start Women’s Center in Des Moines shortly after 6:15 a.m. Friday, and at some point that day her GPS monitor was cut off, according to a probation violation report.
Read more »
Los Angeles City College placed on lockdown as authorities investigate fatal stabbingThe campus was placed on lockdown and all remaining classes canceled as deputies searched for a stabbing suspect.
Read more »