World News for Students of English

13-01-2022 07:00

The Evergrande Group is one of the largest developers in China, but it also has the largest debts in the world.

The company started to build 38 buildings in Danzhou City, China, as a part of a project on the Ocean Flower Island. The island is even bigger than the Palm Islands of Dubai. Last year, the Chinese media reported that Evergrande built the houses illegally because the company did not have a building permit. The company owed 300 billion dollars to other companies, and it offered to sell them some of the houses and apartments on the island.

Local authorities did not agree with this, and on December 30, they decided that the company had to remove the buildings within 10 days. It means that destruction should start by January 3.

Difficult words: developer (a company which buys land and builds houses), debt (money which someone has to pay to somebody else), building permit (an official document which says that a person or company can build a building somewhere).

You can watch the original video in the Level 3 section.