Evergrande

Bloomberg examines why China has been unable to resolve its prolonged property market crisis. The sector, once a major driver of economic growth, has been mired in debt problems since developers like Evergrande and Country Garden defaulted, leaving unfinished homes, weakened household confidence, and local governments short of land-sale revenue. Despite repeated policy support measures from Beijing, sales and construction remain depressed, and analysts say the downturn continues to weigh on China's broader economy.

Ocean Flower Island, a massive artificial-island resort and luxury real estate development in Danzhou, Hainan, China, is the subject of a new investigation into what is described as the country's biggest luxury property fraud. Built by Evergrande at a cost of billions, the project faced construction halts and demolition orders in recent years, leaving buyers with unfinished or restricted homes.