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Reuters
China Evergrande will get constructing demolition order; share buying and selling halted
HONG KONG (Reuters) -Money-strapped property developer China Evergrande Group mentioned on Monday it had been ordered to demolish 39 under-construction residential buildings on the resort island of Hainan, as its shares had been suspended from buying and selling. Evergrande is struggling to repay greater than $300 billion in liabilities https://www.reuters.com/enterprise/what-analysts-have-say-about-evergrande-default-risks-rise-2021-09-21, together with practically $20 billion of offshore bonds deemed in cross-default by rankings companies final month after it missed funds. As soon as China’s top-selling developer and now on the coronary heart of an unprecedented liquidity squeeze within the property sector, Evergrande has been scrambling to lift money by promoting belongings and shares to repay suppliers and collectors.
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