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39 Newly Built Apartment Buildings Remain Unsold, Becoming ruins... The Fate of China's "2 Trillion Yen Artificial Island" Aiming to Be Like Dubai
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Chinese real estate giant Evergrande Group invested approximately 1.91 trillion yen to develop Haihua Island, an artificial island in the South China Sea. The goal was to create a resort for 200,000 people, but development stalled due to Xi Jinping's real estate regulations. 39 apartment buildings were ordered to be demolished. The buildings are now in ruins, and the island, once touted as a villa for the wealthy, is now reportedly home to migra…
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