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China Evergrande’s $300 billion cash crunch is deepened by demolition order

The liquidity crisis at Chinese real estate giant Evergrande - with liabilities equaling 2% of China's gross domestic product - has repeatedly threatened to stall the country's recovery.

A section of the Evergrande mega-project complexes is seen on Haihua Islands in Danzhou in south China's Hainan province on Nov. 19, 2019. The troubled Chinese real estate developer that is struggling with $310 billion in debt announced on Jan 4, 2022 it has been ordered to demolish a 39-building resort complex in the Southern province of Hainan in a new blow to its finances. The company said the order would affect only a portion of the Ocean Flower Island project. (Chinatopix Via AP)
A section of the Evergrande mega-project complexes is seen on Haihua Islands in Danzhou in south China's Hainan province on Nov. 19, 2019. The troubled Chinese real estate developer that is struggling with $310 billion in debt announced on Jan 4, 2022 it has been ordered to demolish a 39-building resort complex in the Southern province of Hainan in a new blow to its finances. The company said the order would affect only a portion of the Ocean Flower Island project. (Chinatopix Via AP)Read moreAP
    by Christian Shepherd and Alicia Chen, Washington Post
    Published