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]
 | |
| Company type | Public |
|---|---|
| SEHK: 3333 | |
| Industry | Real estate |
| Founded | 1996 |
| Founder | Xu Jiayin (Hui Ka Yan) |
| Headquarters | , China |
Area served | Mainland China |
Key people | Xu Jiayin (Chairman) |
| Revenue |  CN¥507.250 billion[1](US$77.713 billion, 2020) |
 CN¥63.520 billion[1](US$9.732 billion, 2020) | |
| CN¥8.076 billion[1] (US$1.238 billion, 2020) | |
| Total assets | CN¥2,301 trillion[1] (US$306.410 billion, 2020) |
| Total equity | CN¥350.431 billion[1] (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.
References
change- ↑ 1.0 1.1 1.2 1.3 1.4 "China Evergrande Group financials". finance.yahoo.com. Retrieved 31 May 2021.
- ↑ "China Evergrande Group profile". finance.yahoo.com.
- ↑ "Evergrande draws eight strategic investors for Shenzhen listing". South China Morning Post. 2 January 2017.
- ↑ "China Evergrande Group Fortune Global 500". Fortune. Archived from the original on 2021-09-15. Retrieved 2021-11-14.
- ↑ "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) - ↑ Martin, Nik (16 September 2021). "Evergrande: Why the Chinese property giant is close to collapse". Deutsche Welle.
- ↑ "China's Evergrande tops world's most valuable real estate brand". Xinhua News Agency. 5 September 2018. Archived from the original on 13 August 2020. Retrieved 14 November 2021.