Evergrande Group, founded in 1996 by Xu Jiayin, rose to become China's largest real estate developer through aggressive expansion and debt-fueled growth. Its 2021 debt crisis, marked by over $300 billion in liabilities, led to a historic default, restructuring efforts, and liquidation proceedings, reshaping China's property sector.
Xu Jiayin establishes Evergrande Real Estate Group in Guangzhou, China, with initial capital from a bank loan. The company focuses on affordable housing projects. #realestate #china
Evergrande expands aggressively beyond Guangzhou, acquiring land parcels across China, leveraging bank loans and pre-sales. By 2008, it becomes one of China's top 20 developers. #expansion #realestate
Evergrande Real Estate Group lists on the Hong Kong Stock Exchange (stock code: 3333.HK), raising about HK$3.5 billion. The IPO values the company at over $10 billion. #ipo #hongkong
Evergrande buys Chinese second-tier football club Guangzhou FC, later renaming it Guangzhou Evergrande Taobao. The club wins multiple Chinese Super League titles and AFC Champions League trophies. #football #china
Evergrande surpasses Country Garden and Vanke to become China's top real estate developer by contracted sales, achieving 100.4 billion RMB in sales. #realestate #china
Evergrande invests in bottled water (Evergrande Spring), health products, and agriculture, but these ventures later prove unprofitable and are divested. #diversification #business
The company rebrands from Evergrande Real Estate Group to China Evergrande Group to reflect its diversified business model beyond real estate. #rebranding #china
Subsidiaries focusing on healthcare and internet services are established. Evergrande Health later develops a vaccine plant. #healthcare #internet
Evergrande buys massive land parcels at record levels, increasing its land bank to over 300 million square meters. Total liabilities surge to over $200 billion. #expansion #debt
Evergrande enters the electric vehicle market by acquiring several NEV companies and launching the Hengchi brand. Over $5 billion is invested in R&D and factories. #electricvehicles #china
Evergrande Health acquires a 60% stake in a vaccine company for $900 million, aiming to tap into the biotech sector. #vaccines #biotech
China's central bank introduces the 'three red lines' policy to curb developer debt, directly impacting Evergrande's high-leverage model. The company's debt exceeds 1.5 trillion RMB. #regulation #china
Reports surface that Evergrande failed to repay a 40 billion RMB trust loan, sparking fears of a liquidity crisis. The company denies the rumors. #liquidity #crisis
Evergrande abandons its plan to list real estate assets in Shenzhen via a backdoor IPO, triggering a $1.9 billion buyback obligation from strategic investors. #ipo #shenzhen
Evergrande reports total liabilities of ¥1.97 trillion ($305 billion), including bonds and supplier payments, making it one of the most indebted companies globally. #debt #record
A Chinese court freezes $18 million in Evergrande assets. The company's shares and bonds crash, and it sells stakes in Shenzhen and Hong Kong properties to raise cash. #liquidity #crisis
Evergrande issues a statement warning that it may default on its debt obligations, causing global market turmoil. Rating agencies downgrade its credit to selective default. #default #warning
Evergrande fails to pay $83.5 million in interest on a dollar bond, triggering a 30-day grace period. It later misses the deadline, officially becoming a default. #default #bonds
Evergrande misses payments on two more bonds, triggering cross-default clauses on over $20 billion in debt. Creditors begin legal proceedings. #crossdefault #creditors
Evergrande officially defaults on its offshore bonds after failing to pay $255 million in interest within the grace period. It is the largest default in Chinese corporate history. #default #offshore
Evergrande sells its stake in Evergrande New Energy Auto to state-owned enterprises for $2.8 billion. It also offloads property projects in various cities. #assetsales #restructuring
The Hong Kong Stock Exchange suspends trading of Evergrande shares after the company fails to publish its 2021 annual report. Trading remains halted for over a year. #suspension #stock
A creditor files a winding-up petition (liquidation) against Evergrande in Hong Kong. The company opposes, but the threat of liquidation looms. #liquidation #legal
Chinese authorities freeze assets of Evergrande's founder Xu Jiayin, including his personal residences and bank accounts, as part of a government investigation. #investigation #assetsfrozen
Evergrande New Energy Auto suspends production of its Hengchi 5 SUV due to lack of funds. The unit had only delivered a few hundred vehicles. #ev #productionhalt
Evergrande releases a restructuring framework offering creditors options such as new bonds, equity, or asset-linked securities. The proposal is rejected by major bondholders. #restructuring #creditors
Negotiations with offshore creditors collapse after bondholders reject revised terms. Evergrande warns of imminent liquidation if no deal is reached. #restructuring #stalled
Evergrande files for Chapter 15 bankruptcy protection in New York to prevent U.S. creditors from seizing assets while restructuring offshore debt. #bankruptcy #usa
Xu Jiayin is placed under police surveillance amid a government crackdown on Evergrande's financial misconduct. The company's stock falls 80% in a week. #detention #crackdown
A Hong Kong court orders Evergrande to present a revised restructuring plan by December 4, 2023, or face a winding-up order. #court #deadline
Evergrande fails to meet the court-imposed deadline for a restructuring plan. The Hong Kong court adjourns the case to January 29, 2024, for a potential liquidation hearing. #deadline #missed
A Hong Kong court issues a winding-up order for Evergrande Group after failing to reach a restructuring agreement. The judgment triggers liquidation of its assets. #liquidation #court
Evergrande New Energy Auto files for bankruptcy in China, unable to sustain operations. The unit had massive debts and minimal vehicle sales. #bankruptcy #ev
Hong Kong's liquidators begin seizing Evergrande's assets, including property projects and subsidiaries. The process is expected to take years. #liquidation #assets
Hong Kong Stock Exchange announces permanent cancellation of Evergrande's listing following the liquidation order. The stock had been suspended since April 2022. #delisting #stock
Total liabilities increase to over ¥2.4 trillion ($340 billion) as liquidation reveals hidden debts and off-balance-sheet exposures. #debt #record
A New York court dismisses Evergrande's Chapter 15 bankruptcy protection case, citing the Hong Kong liquidation. US creditors are now free to pursue claims. #chapter15 #dismissal
Over 90% of Evergrande's unfinished property projects across China are halted due to lack of funds and legal disputes. Homebuyers protest for refunds. #construction #halt
Chinese authorities take over Evergrande's remaining land and property assets to ensure completion of some residential projects and stabilize the market. #government #seizure