China Evergrande shares rise despite huge sales shortfall

Troubled developer confirms order to demolish 39 towers on Hainan

China Evergrande Group's 160 billion yuan Ocean Flower Island project, seen here in 2018, was to include hotels and theme parks, as well as housing. (Photo by Issaku Harada)

NORIYUKI DOI, Nikkei staff writer

January 4, 2022 19:37 JST

SHANGHAI -- Shares of troubled China Evergrande Group rose on Tuesday, even as the property developer confirmed that it had been ordered to demolish 39 condominium towers and had fallen far short of its 2021 sales target.

Evergrande shares were suspended on Monday, but trading resumed after the company's statement during the midday break on Tuesday. The stock closed the day up 1.3% at HK$1.61.