7 months ago
Ocean Flower Island: China's Abandoned Real Estate Dream
Ocean Flower Island was a big project in China to build artificial islands with apartments, shops, and a theme park.
The company Evergrande started it but couldn't finish because they borrowed too much money.
Now, the islands are mostly empty, with unfinished buildings and no shops or visitors.
Some people think it's a total failure, but others believe it could still become popular with retirees in the future.
The government is now trying to figure out what to do with the islands.
Ocean Flower Island was an ambitious real estate project by Evergrande, inspired by Dubai's Palm Island.
The project is partially completed but largely abandoned, with unfinished buildings and no shops or visitors.
Evergrande collapsed under $300 billion in debt, leading to a crisis in China's real estate market.
The Danzhou government now controls the island and is trying to revive the project.
Some early buyers made profits, but later buyers lost money, and the project's future remains uncertain.
- Who
- Evergrande, a Chinese real estate developer, and the Danzhou municipal government
- What
- Ocean Flower Island, an artificial island project that failed financially
- Where
- South China Sea, near the city of Danzhou in Hainan province, China
- When
- Construction began in 2011, with the project collapsing in 2021
- Why
- Overambitious plans, excessive debt, and regulatory changes led to the project's failure
Pessimists
Optimists
Project Viability
Pessimists
The project is a financial failure with too much debt and unfinished structures, making it unsustainable.
Optimists
With China's aging population, the island could still attract retirees and become a success.
Key facts
- Developer
- Evergrande
- Location
- South China Sea, near Danzhou
- Investment
- $12 billion
- Completed Apartments
- 60,000
- Founder
- Xu Jiayin
- Current Status
- Partially completed, mostly abandoned
Quotes
Li Yanbo
A real estate agent on Ocean Flower Island.
“A lot of people lost money because of Evergrande, and are angry.”
indianexpress.com
“Some people think they were cheated, but there are others who would never have had a chance to get an apartment if not for Evergrande.”
indianexpress.com
Wang Xian
A retired banker from the northern province of Hebei.
“Evergrande's founder went too far and thought he could do anything.”
indianexpress.com
“If just 1% come here, this place will be a big success.”
indianexpress.com
Zhou Qingbin
A visitor from the nearby coastal city of Danzhou.
“This place is a dead zone.”
indianexpress.com
