Notable projects by the company include Ocean Flower Island in Hainan.Įvergrande Real Estate is the second-largest real estate developer in Mainland China. Operations and business interests Real estate Įvergrande Group owns 565 million square meters (6,080 million square feet) of development land and real estate projects in 22 cities, including Guangzhou, Tianjin, Shenyang, Wuhan, Kunming, Chengdu, Chongqing, Nanjing, Zhengzhou, Luoyang, Changsha, Nanning, Xian, Taiyuan and Guiyang in Mainland China. In October 2009, the company raised $722 million in an initial public offering on the Stock Exchange of Hong Kong (SEHK). įormerly called the Hengda Group, Evergrande was founded by Xu Jiayin in the southern Chinese city of Guangzhou in 1996, during a period of mass urbanization in China. The Chinese government is reportedly working to restructure Evergrande to resolve the crisis. This was one of the reasons for a drop in many stock market indices on September 20, 2021. In 2021, payments due on its debt, estimated in the hundreds of billions of dollars, resulted in the Evergrande liquidity crisis. In 2018, it became the most valuable real estate company in the world. It sells apartments mostly to upper- and middle-income dwellers. 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.
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It is ranked 122nd on the Fortune Global 500. The China Evergrande Group is the second largest property developer in China by sales.