Local media reported over the weekend a city government in the Chinese resort island of Hainan had ordered Evergrande on Dec. 30 to demolish its 39 residential buildings within 10 days, due to illegal construction. The buildings stretched over 435,000 square meters, the reports added, citing an official notice to Evergrande's unit in Hainan. Evergrande did not respond to request for comment on the Hainan development. Evergrande Group is one of China's biggest builders of apartments, office towers and shopping malls. (Qilai Shen / Bloomberg via Getty Images) On Friday, Evergrande dialed back plans to repay investors in its wealth management products, saying each investor in its wealth management product could expect to receive 8,000 yuan ($1,257) per month as principal payment for three months irrespective of when the investment matures. The move highlights the deepening liquidity squeeze at the property developer.