China Evergrande

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]

China Evergrande Group
中国恒大集团
Public
Traded asTemplate:Hkex
IndustryReal estate
Founded1996; 28 years ago (1996)
FounderXu Jiayin (Hui Ka Yan)
Headquarters,
China
Area served
Mainland China
Key people
Xu Jiayin (Chairman)
RevenueIncrease CN¥507.250 billion[1]
(US$77.713 billion, 2020)
Decrease CN¥63.520 billion[1]
(US$9.732 billion, 2020)
Decrease CN¥8.076 billion[1]
(US$1.238 billion, 2020)
Total assetsIncrease CN¥2,301 trillion[1]
(US$306.410 billion, 2020)
Total equityDecrease CN¥350.431 billion[1]
(US$53.687 billion, 2020)
Number of employees
123,276[2] (31 December 2020)
SubsidiariesHengda Real Estate
Websitewww.evergrande.com

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.

References

  1. 1.0 1.1 1.2 1.3 1.4 "China Evergrande Group financials". finance.yahoo.com. Retrieved 31 May 2021.
  2. "China Evergrande Group profile". finance.yahoo.com.
  3. "Evergrande draws eight strategic investors for Shenzhen listing". South China Morning Post. 2 January 2017.
  4. China Evergrande Group Fortune Global 500. Fortune. https://fortune.com/company/china-evergrande-group/global500/. Retrieved 2021-11-14. 
  5. "Contact". Evergrande Group. 35 / f, excellent houhai financial center, no. 1126 Hyde [sic] road, nanshan district, shenzhen - Chinese address: "深圳市南山区海德三道1126号" (based on the Chinese address it is Haide Third Road)
  6. Martin, Nik (16 September 2021). "Evergrande: Why the Chinese property giant is close to collapse". Deutsche Welle.
  7. China's Evergrande tops world's most valuable real estate brand. 5 September 2018. http://www.xinhuanet.com/english/2018-09/05/c_137446988.htm. Retrieved 14 November 2021.