The Chinese Island Where Dreams of Real Estate Glory Never Die

Ocean Flower Island, a $12 billion artificial island project in Hainan, China, intended to be China's version of Dubai's Palm Islands, has become a symbol of debt-fueled economic excess. Built by the now-struggling Evergrande, the project features unfinished villas, a mall, a conference center, and high-rise apartments, but remains largely incomplete and underutilized. Evergrande's collapse in 2021, burdened by over $300 billion in debt, has contributed to a real estate crisis in China, with new home sales plummeting. The Danzhou government, which now controls much of the island, is grappling with what to do with the unfinished project, even as they continue to press on with Evergrande's original concept. The project highlights the challenges and complexities of China's ongoing real estate crisis.

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