China Evergrande
property developer in China / From Wikipedia, the free encyclopedia
The China Evergrande Group is the second largest property developer in China by sales.[3] It is ranked 122nd on the Fortune Global 500.[4] It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China.[5] It was founded in 1996 by Xu Jiayin. It sells apartments mostly to upper- and middle-income dwellers.[6] In 2018, it became the most valuable real estate company in the world.[7]
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Company type | Public |
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SEHK: 3333 | |
Industry | Real estate |
Founded | 1996; 28 years ago (1996) |
Founder | Xu Jiayin (Hui Ka Yan) |
Headquarters | , China |
Area served | Mainland China |
Key people | Xu Jiayin (Chairman) |
Revenue | ![]() (US$77.713 billion, 2020) |
![]() (US$9.732 billion, 2020) | |
![]() (US$1.238 billion, 2020) | |
Total assets | ![]() (US$306.410 billion, 2020) |
Total equity | ![]() (US$53.687 billion, 2020) |
Number of employees | 123,276[2] (31 December 2020) |
Subsidiaries | Hengda Real Estate |
Website | www |
In summer of 2021, payments due on its debt, estimated in the hundreds of billions of dollars, resulted in the Evergrande liquidity crisis. This was one of the reasons for a drop in many stock market indices on September 20, 2021. The Chinese government is reportedly working to restructure Evergrande to resolve the crisis. On 21 October, 2021, Evergrande announced that a $2.6 billion asset sale to that would have been used to pay an $83 million interest payment it missed in September, 2021 had failed to close. On 10 November 2021, Evergrande defaulted on 3 more bonds after missing the grace period for interest payments, but reportedly fulfilled the payments after the deadline.