A troubled Chinese real estate developer that is struggling with US$310 billion in debt announced Tuesday it has been ordered to demolish a 39-building resort complex in a new blow to its finances.
Evergrande Group gave no explanation, but news reports said the government of Danzhou, a city on the southern island province of Hainan, found it was improperly built and violated urban planning law.
Evergrande's struggle to comply with tighter official restrictions on use of borrowed money by China's real estate industry have prompted fears of a possible default and financial crisis. Chinese regulators have tried to reassure investors that any potential impact on financial markets can be contained.
Economists say Beijing can keep Chinese lending markets functioning normally in the event of an Evergrande default, which looks increasingly likely. However, they say Chinese leaders want to avoid sending the wrong signal by arranging a bailout at a time when they are trying to force companies to reduce surging debt levels.
Evergrande asked Monday for trading of its shares in Hong Kong to be suspended. Trading resumed following Tuesday's announcement, gaining 7.6%.
The company gave no indication of the possible loss from the demolition of the buildings on Ocean Flower Island. It said other buildings on the island weren't affected by the order.
Evergrande, the global real estate industry's most-heavily-indebted developer, warned last month it might run out of cash to keep up with debt payments and other obligations.
The company says it has 2.3 trillion yuan ($350 billion) in assets and 2 trillion yuan ($310 billion in debt), but it has struggled to sell assets fast enough to keep up payments to bondholders. Construction of some projects was temporarily suspended after contractors complained they weren't being paid.
Tuesday's announcement said buyers in 20210 signed contracts to purchase property worth a total of 442 billion yuan ($70 billion).
Beijing tightened restrictions on developers last year in a campaign to rein in surging corporate debt that is seen as a threat to economic stability. The ruling Communist Party has made reducing financial risk a priority since 2018.
The Danzhou government's order said Evergrande's project violated a national urban planning law. It said the government will organize demolition if the company fails to act.
The Hainan government ordered an investigation last year of Ocean Flower Island, a complex of hotels, an amusement park and other facilities, according to news reports. They said some building permissions were revoked and fines of 215 million yuan ($34 million) were imposed for planning and construction violations.
Procurement Minister and newly appointed Quebec lieutenant Jean-Yves Duclos is warning the NDP that the dental care program it helped put into place will be in jeopardy if it pulls its support from the governing Liberals.
Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties.
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Hezbollah launched more than 100 rockets early Sunday across a wider and deeper area of northern Israel, with some landing near the city of Haifa, as Israel launched hundreds of strikes on Lebanon. The sides appeared to be spiraling toward all-out war following months of escalating tensions.
Donald Trump has long pledged to deport millions of people, but he's bringing more specifics to his current bid for the White House: invoking wartime powers, relying on like-minded governors and using the military.
Pasquale Monaco says he鈥檚 debating whether to keep renting out the two-bedroom basement apartment of the Montreal building he owns after it was flooded 鈥 again 鈥 in August, when the remnants of tropical storm Debby sent four feet of water rushing into the space.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
Pasquale Monaco says he鈥檚 debating whether to keep renting out the two-bedroom basement apartment of the Montreal building he owns after it was flooded 鈥 again 鈥 in August, when the remnants of tropical storm Debby sent four feet of water rushing into the space.
Infectious disease physician Dr. Isaac Bogoch says whooping cough is most risky for unvaccinated infants, children and older people.
The London Police Service (LPS) is currently investigating a suspicious death in the east end.
One person has died following a shooting in Scarborough late last night.
Donald Trump has long pledged to deport millions of people, but he's bringing more specifics to his current bid for the White House: invoking wartime powers, relying on like-minded governors and using the military.
An explosion in a coal mine in eastern Iran killed at least 33 workers and injured 17 others, officials said Sunday, marking one of the worst mining disasters in the country's history as others remained missing hours after the blast.
In less than two months, Americans will go to the polls to choose their next president. But the process that translates those millions of votes into one seat in the Oval Office is much more complicated than a straight tally.
A two-story building collapsed in the southern Italian province of Naples early Sunday, killing two young siblings and leaving their mother and an older woman trapped, firefighters said.
Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties.
A mass shooting killed four people and wounded 18 others in a popular nightlife area in Birmingham, Alabama, with many of the victims caught in the crossfire, police said early Sunday. No one was immediately arrested, and police asked the public for information.
Prime Minister Justin Trudeau is set to be in New York this week for the 78th meeting of the United Nations General Assembly and the Summit of the Future amid increasing geopolitical instability around the world.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
A Nova Scotian YouTuber has launched a mini-truck bookmobile.
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The maker of the popular party game Cards Against Humanity is accusing Elon Musk's SpaceX of trespassing on and damaging a plot of vacant land the company owns in Texas.
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An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
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A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
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The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
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Volunteers and staff members gathered along Vancouver鈥檚 Stanley Park Seawall Saturday to pick up litter as part of International Coastal Cleanup Day.
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The Taste of Wellington 2024 wraps up Saturday in Ottawa.
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Pasquale Monaco says he鈥檚 debating whether to keep renting out the two-bedroom basement apartment of the Montreal building he owns after it was flooded 鈥 again 鈥 in August, when the remnants of tropical storm Debby sent four feet of water rushing into the space.
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The Amherstburg Freedom Museum is celebrating a year of festivities in anticipation of its 50th anniversary in 2025.
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A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
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Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
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A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
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