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Evergrande Group has been ordered to demolish a 39-building resort complex in a further blow to the finances of the debt-ridden property developer.

Evergrande Group has been ordered to demolish a 39-building resort complex in a further blow to the finances of the debt-ridden property developer.

China Evergrande Group’s (恆大集團) property sales plummeted last year for the first time in at least a decade as the giant developer slipped into default and buyer confidence faded. Contracted sales last year plunged 39 percent to 443 billion yuan (US$70 billion) from the previous year, according to Bloomberg calculations based on preliminary company data. It met about 60 percent of a 750 billion yuan target set at the start of the year. The preliminary results suggest sales at the world’s most indebted developer have been almost frozen since October, when its liquidity woes intensifi...

Evergrande Group has been ordered to demolish a 39-building resort complex in a further blow to the finances of the debt-ridden property developer.

Evergrande Group has been ordered to demolish a 39-building resort complex in a further blow to the finances of the debt-ridden property developer.