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.
Facts
Company TypeProperty developer (wound up 2024) 2 Founded Year HeadquartersShenzhen, Guangdong, China 2 Chronology
Dissolved Year Company Type
Company Type (category) FAQs
Who asked the Hong Kong court to wind up China Evergrande Group, and why did the court agree?
Creditor Top Shine Global Limited petitioned in June 2022, and on 29 January 2024 the court ordered a winding up because no restructuring proposal had been presented.
A creditor, Top Shine Global Limited, filed the petition to wind up the company on 24 June 2022. The case was heard six times, and the company opposed it by saying it would put forward a restructuring scheme for its offshore debts. At the sixth hearing, on 29 January 2024, Justice Linda Chan found that the company had still laid out no restructuring proposal. She ruled that creditors would be better protected if the company was wound up, so that liquidators could take over, secure and preserve its assets and review any restructuring proposal. The order applied to the parent holding company that is listed in Hong Kong.
Connections
Operates In
Source Evergrande Group (Wikipedia)
In the Other Atlases
Located In
Also in Geography Atlas: where this subject is located.
Sources
1. Evergrande Group (Wikipedia)
Infobox: defunct
January 2024
Infobox: type
Public
Operates In: Real Estate Industry, Infobox: industry
Real estate
View the Source2. China Evergrande Group - Wikipedia
History section
Evergrande was founded in 1996 by Hui Ka Yan (Xu Jiayin).
Introduction (lead paragraph)
The China Evergrande Group was a Chinese property development company.
Introduction (lead/description section)
headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China.
View the SourceReader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.