(Bloomberg) — Chinese developer shares dropped following local media reports that China Evergrande Group has been ordered to tear down apartment blocks in a development in Hainan province. Evergrande halted trading in its shares.
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An index of Chinese developer shares slumped as much as 2.8% in Hong Kong before closing 1.7% lower. A local government in Hainan told Evergrande to demolish 39 buildings in 10 days because the building permit was illegally obtained, Cailian…
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