China Evergrande Group

China Evergrande Group was a Chinese real estate developer, once one of the largest property developers in China by contracted sales, founded in 1996 in Guangzhou by Hui Ka Yan, also known as Xu Jiayin. The company expanded aggressively through debt-financed land acquisition and development across hundreds of Chinese cities, and diversified into businesses including electric vehicles, a football club and bottled water. Beginning in 2021 Evergrande became the center of a major Chinese property sector debt crisis after defaulting on its obligations under more than 300 billion dollars of total liabilities, triggering broader concern about contagion across China's real estate industry. A Hong Kong court ordered the company into liquidation in January 2024 after it failed to present a viable restructuring plan to creditors.