China Evergrande shares suspended after order to demolish 39 buldings

More woes for property giant as it is told to tear down the buildings in the lavish Ocean Flower Island development in Hainan province

Shares in China's Evergrande Group have been suspended from trading after the embattled property developer was told to demolish 39 buildings in a huge resort-style development in the southern province of Hainan.

After initially giving no reason for the share halt, Evergrande confirmed late on Monday that it had received an order from authorities at Danzhou city in Hainan on 30 December telling it to demolish 39 under-construction buildings at the Ocean Flower Island project.