Chinese Developer's Financial Troubles Leave Iconic Canadian Resort in Disrepair
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Evergrande, a major Chinese property developer, bought the iconic Chateau Montebello resort in Quebec in 2014 but has failed to maintain it due to financial troubles.
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The resort, the world's largest log cabin, needs major renovations but Evergrande has cut spending amidst $328 billion in debts.
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Locals worry about the landmark's deterioration and future as Evergrande faces possible bankruptcy.
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Ambitious expansion plans are on hold as Evergrande struggles to pay creditors and contractors.
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The town depends on the Chateau for jobs and taxes, but the mayor says there would be interest if it had to be sold off.