Heavily-indebted property developer China Evergrande Group’s shares resumed trading on Tuesday after a suspension due to a local government in China’s Hainan province mandated the demolition of 39 apartment buildings currently under construction, reports Caixin.
The shares were suspended the previous day after the Danzhou city government told Evergrande that it had 10 days to demolish the buildings because its building permit was illegally obtained. The buildings are part of a resort project involving artificially built islands off the coast of the southern island province.
The order does not involve any other plots of land of the Ocean Flower Island project, Evergrande said in a company filing Tuesday, in which it promised to resolve the matter. Evergrande shares closed 1.26% higher at $0.21 after trading resumed at 1 pm that day.