Evergrande Group's shares have been banned from trade, the beleaguered property developer announced Monday without explaining.

It occurred amid claims in Chinese media that officials had ordered the world's most indebted developer in southern Hainan province to demolish 39 structures in ten days due to improperly obtained building permits.

According to the Chinese news outlet Cailian, the order concerns the massive Ocean Flower project, a resort-style development created on islands off the coast of Hainan.

According to the sources, the structures totaled 435,000 square meters and took eight years to finish, citing an official notification to Evergrande's Hainan unit.

In November, regulators in Danzhou city announced they would halt Evergrande's attempt to repay debts to contractors and other creditors through property transfers, Caixin said.

Evergrande is battling to repay more than $300 billion (£222 billion) in debt, including roughly $20 billion in international market notes that were deemed in cross-default last month after the company missed payments.

The property developer skipped two new coupon payments totaling $255 million due last Tuesday, although both are subject to a 30-day grace period. The corporation has made no response, as has been the case with a series of missed payments in the fourth quarter of 2021.

The firm has established a risk management committee comprised mainly of representatives from state-owned enterprises and stated that it would engage in active dialogue with its creditors.

On Friday, Evergrande revised its plans to reimburse investors in its wealth management products, stating that each investor can expect to receive 8,000 yuan ($1,257) per month in principal payments for three months, regardless of the investment matures.

The move exemplifies the property developer's deteriorating liquidity situation.

Evergrande's shares fell 89 percent last year, closing Friday at HK$1.59 ($0.20; £0.15).

China Evergrande New Energy Car Group, the company's electric vehicle subsidiary, fell as much as 10% in early trade Monday, while Evergrande Services, the company's property management subsidiary, fell 2.3 percent.

Evergrande is hardly the only Chinese real estate developer grappling with a liquidity crunch. The sector as a whole owes $19.8 billion in offshore debt denominated in US dollars in the first three months of 2022, according to Nomura analysts last month. They must raise an additional $18.5 billion in the second quarter of this year while simultaneously repaying billions in local yuan debt.

Kaisa, which missed a sizable payment in December, has suspended its shares twice in recent months, among the other developers at risk of default. Its stock has fallen by 75% in value during the last year.

According to S&P analysts, one-third of Chinese developers may suffer a liquidity crisis within 12 months.

Additionally, developers must recover 1.1 trillion yuan ($172 billion) in back pay owing to construction employees before the lunar new year begins in early February.