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Evergrande s 39 Buildings Scheduled for Demolition on Ocean Flower Island

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Recently, the Evergrande’s construction of the Ocean Flower Island has once again hit another roadblock. On December 30th, the local government cracked down on the company, giving them 10 days to demolish the 39 buildings that were constructed with illegally obtained permits. As of January 4th, the Evergrande Group had officially confirmed the demolition orders and were in the process of making appeals against the demolition. Currently, the construction has been completely suspended and the final results have yet to be publicly announced.
This $25 billion USD project is composed of three artificial islands, designed to resemble a blooming peony, hence the name “Ocean Flower Island”. With a total area of 7.8 km2 or 1927 acres, it is the largest artificial island in the world, able to accommodate up to 205,000 people. As a tourist attraction, the central area, Ocean Flower Island No. 1, will be for hotels, amusement parks, shopping districts and other points of interest while the two adjacent islands are primarily for residential purposes.
From these actions, it would seem that the local government’s main goal is to prevent the completion of the project. That way, they would be able to obtain the newly made island and sell that to a different developer, as the artificial island itself is still considered to belong to the state. As such, it would seem like the message of ecological protection is just an excuse to remove the Evergrande group. If they are able to sell the land off to some other developer, all they have to do is tell the new company to pay an initial fee for “environmental rehabilitation”.
#Evergrande#ChinaRealEstate#OceanFlowerIsland#Economy
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