Evergrande Group

China Evergrande Group
中国恒大集团
Company typePublic
SEHK3333
OTC Pink: EGRNQ
IndustryReal estate
Founded1996; 28 years ago (1996)
FounderHui Ka Yan (Xu Jiayin)
Headquarters,
China
Area served
Mainland China
Key people
Hui Ka Yan (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 Evergrande New Energy Auto
Websitewww.evergrande.com
China Evergrande Group
Simplified Chinese中国恒大集团
Traditional Chinese中國恆大集團
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Héngdà Jítuán
Wade–GilesHeng2-ta4 Chi2-t'uan2
Yue: Cantonese
Yale Romanizationjūng gwok hàhng daaih jaahp tyùhn
Jyutpingzung1 gwok3 hang4 daai6 zaap6 tyun4
IPA[hɐŋ˩.taj˨.tsap̚˨.tʰyn˩]

The China Evergrande Group was a Chinese property developer, and it was the second largest in China by sales.[3] It was founded in 1996 by Hui Ka Yan (Xu Jiayin). It sold apartments mostly to upper- and middle-income dwellers.[4]

Evergrande was incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China.[5]

In 2018, Evergrande became the most valuable real estate company in the world,[6] but by 2021 it had collapsed financially and started the Chinese property sector crisis. The company eventually filed for bankruptcy in the United States in 2023,[7] which was followed by a court-ordered liquidation in Hong Kong in January 2024.[8]

  1. ^ a b c d e "China Evergrande Group financials". finance.yahoo.com. Archived from the original on 27 June 2021. Retrieved 31 May 2021.
  2. ^ "China Evergrande Group profile". finance.yahoo.com. Archived from the original on 9 September 2021. Retrieved 16 June 2021.
  3. ^ "Evergrande draws eight strategic investors for Shenzhen listing". South China Morning Post. 2 January 2017. Archived from the original on 23 July 2021. Retrieved 12 April 2018.
  4. ^ Martin, Nik (16 September 2021). "Evergrande: Why the Chinese property giant is close to collapse". Deutsche Welle. Archived from the original on 15 September 2021. Retrieved 16 September 2021.
  5. ^ "Contact". Evergrande Group. Archived from the original on 28 June 2021. Retrieved 5 February 2021. 35 / f, excellent houhui financial center, no. 1126 Hyde [sic] road, nanshan district, shenzhen - Chinese address Archived 6 November 2020 at the Wayback Machine: "深圳市南山区海德三道1126号" (based on the Chinese address it is Haide Third Road)
  6. ^ "China's Evergrande tops world's most valuable real estate brand". Xinhua News Agency. 5 September 2018. Archived from the original on 5 September 2018.
  7. ^ Delouya, Samantha (17 August 2023). "China's Evergrande files for bankruptcy". CNN. Archived from the original on 17 August 2023. Retrieved 17 August 2023.
  8. ^ Sanyal, Shreyashi (29 January 2024). "Evergrande shares halted after Hong Kong court orders liquidation". CNBC. Archived from the original on 29 January 2024. Retrieved 29 January 2024.