-
Evergrande shares in trading halt after China orders demolition of newly built luxury apartments
Troubled Chinese property giant Evergrande's shares have been suspended from trading on the Hong Kong stock exchange. The company did not give a reason for the halt. The news came after Chinese media reported that Evergrande had been ordered to demolish 39 luxury apartments on the tropical island of Hainan within 10 days. It is reported that the apartments are worth about 7.7 billion yuan ($1.7 billion). The Ocean Flower Island project, a mega-resort under development by Evergrande, consists of three reclaimed Islands in Danzhou in Hainan province. The 39 apartments are located on island number two, which is for ... (full story)