Troubled Chinese real estate developer Evergrande is trying to reassure investors about the impact of an official order to demolish a few dozen buildings in China
Chinese media reported over the weekend that authorities in Hainan province — a tropical resort island off the coast of southern China — had ordered Evergrande to demolish 39 buildings, saying that the building permits had been illegally obtained.The company acknowledged the order in a post on WeChat on Monday night, but added that it did not affect other buildings in the same property project, which involve some 61,000 property owners.
And regarding liquidity, the company said it would continue to"actively maintain communication with creditors, strive to resolve risks and safeguard the legitimate rights and interests of all parties."Evergrande — which was China's second largest property developers by sales in 2020 — is reeling under more than $300 billion of total liabilities.
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