Jiaozuo Evergrande project suspended, more than 1,200 acres of land confiscated
The local authorities of Jiaozuo city, Henan province, China, on January 26th finally confirmed that construction has been suspended on the Yuntai Mountain Evergrande Health Valley project.
The announcement came after more people complained that the real estate project was taking too long to complete.
According to Finance Sina, the project started construction in March 2018. It began to seek homebuyers in August 2019 and closed sales in December 2019.
The Jiaozuo government in June 2020 temporarily halted the project following a request from Evergrande’s contract construction company.
It was alleged that the land price was too high during the equity transaction, which led to high pricing during the sales and resulted in poor revenue.
Secondly, because Evergrande later offered promotions and reduced prices, many owners wanted protection for their initial payment.
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