Evergrande Group

{{Short description|Former Chinese property development company}} {{Redirect|Evergrande}} {{distinguish|Evergreen Group}} {{Use dmy dates|date=November 2024}} {{Infobox company | name = China Evergrande Group {{nobold|{{lang|zh-hans|中国恒大集团}}}} | logo = Evergrande Group logo.svg | image = Evergrande Center.jpg | image_caption = Guangzhou Evergrande Center | type = Public | traded_as = {{hkex|3333}} {{OTC Pink|EGRNQ}} | foundation = {{Start date and age|1996}} | founder = Hui Ka Yan (Xu Jiayin) | defunct = January 2024 | fate = delisted from Hong Kong Stock Exchange, liquidated | location_city = Shenzhen, Guangdong | location_country = China | location = | origins = | key_people = Hui Ka Yan (Chairman) | area_served = Mainland China | industry = Real estate | products = | services = | revenue = {{increase}} {{CNY|507.250 billion|link=yes}}<ref name=fy>{{Cite web|title=China Evergrande Group financials|url=https://finance.yahoo.com/quote/3333.HK/financials?p=3333.HK|access-date=31 May 2021|website=finance.yahoo.com|language=en|archive-date=27 June 2021|archive-url=https://web.archive.org/web/20210627175943/https://finance.yahoo.com/quote/3333.HK/financials?p=3333.HK|url-status=live}}</ref> (US$77.713 billion, 2020) | operating_income = {{decrease}} {{CNY|63.520 billion}}<ref name=fy/> (US$9.732 billion, 2020) | net_income = {{decrease}} {{CNY|8.076 billion}}<ref name=fy/> (US$1.238 billion, 2020) | assets = {{increase}} {{CNY|2,301 trillion}}<ref name=fy/> (US$306.410 billion, 2020) | equity = {{decrease}} {{CNY|350.431 billion}}<ref name=fy/> (US$53.687 billion, 2020) | num_employees = 123,276<ref>{{cite web|url = https://finance.yahoo.com/quote/3333.HK/profile?p=3333.HK|title = China Evergrande Group profile|website = finance.yahoo.com|access-date = 16 June 2021|archive-date = 9 September 2021|archive-url = https://web.archive.org/web/20210909020953/https://finance.yahoo.com/quote/3333.HK/profile?p=3333.HK|url-status = live}}</ref> (31 December 2020) | parent = | divisions = | subsid = Hengda Real Estate Evergrande New Energy Auto | owner = | company_slogan = | homepage = {{URL|https://www.evergrande.com/}} }}

{{Infobox Chinese | title = China Evergrande Group | s = 中国恒大集团 | t = 中國恆大集團 | order = st | p = Zhōngguó Héngdà Jítuán | j = zung1 gwok3 hang4 daai6 zaap6 tyun4 | y = jūng gwok hàhng daaih jaahp tyùhn | ci = {{IPAc-yue|h|ang|4|.|d|aai|6|.|z|aap|6|.|t|yun|4}} | w = Heng2-ta4 Chi2-t'uan2| }}

The '''China Evergrande Group''' was a Chinese property development company. Before its dissolution in 2024, it had become the second largest property developer in China by sales and the most valuable real estate company worldwide. Evergrande's sudden collapse in 2021 sparked the ongoing Chinese property sector crisis.

Evergrande was founded in 1996 by Hui Ka Yan (Xu Jiayin). It sold apartments mostly to upper- and middle-income earners.<ref>{{Cite web|title=Evergrande: Why the Chinese property giant is close to collapse|first=Nik|last=Martin|url=https://www.dw.com/en/evergrande-why-the-chinese-property-giant-is-close-to-collapse/a-59175953|date=16 September 2021|website=Deutsche Welle|access-date=16 September 2021|archive-date=15 September 2021|archive-url=https://web.archive.org/web/20210915195146/https://www.dw.com/en/evergrande-why-the-chinese-property-giant-is-close-to-collapse/a-59175953|url-status=live}}</ref> 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.

By 2017 Evergrande had become the second largest property developer by sales in China.<ref>{{cite web |url=https://www.scmp.com/business/article/2058764/evergrande-draws-eight-strategic-investors-shenzhen-listing |title=Evergrande draws eight strategic investors for Shenzhen listing |date=2 January 2017 |work=South China Morning Post |access-date=12 April 2018 |archive-date=23 July 2021 |archive-url=https://web.archive.org/web/20210723201413/https://www.scmp.com/business/article/2058764/evergrande-draws-eight-strategic-investors-shenzhen-listing |url-status=live }}</ref> In 2018, Evergrande became the most valuable real estate company in the world,<ref>{{cite news |title=China's Evergrande tops world's most valuable real estate brand |url=http://www.xinhuanet.com/english/2018-09/05/c_137446988.htm |archive-url=https://web.archive.org/web/20180905145452/http://www.xinhuanet.com/english/2018-09/05/c_137446988.htm |url-status=dead |archive-date=5 September 2018 |date=5 September 2018 |website=Xinhua News Agency}}</ref><ref>{{Cite web |last=Mingjie |first=Wang |date=2018-09-06 |title=China's Evergrande becomes world's most valuable property brand |url=https://global.chinadaily.com.cn/a/201809/06/WS5b900838a31033b4f465470e.html |access-date=2025-04-14 |website=global.chinadaily.com.cn}}</ref><ref name="collapse">{{Cite news |last=Neuman |first=Scott |date=2024-01-30 |title=Here's what to know about the collapse of China's Evergrande property developer |url=https://www.npr.org/2024/01/30/1227554424/evergrande-china-real-estate-economy-property-collapse |access-date=2025-04-14 |work=NPR |language=en}}</ref> but by 2021 it had collapsed financially and started the Chinese property sector crisis under Xi Jinping's policy.<ref name="collapse" /><ref>{{Cite news |last=Stevenson |first=Alexandra |last2=Li |first2=Cao |date=2021-09-21 |title=Evergrande Crisis Shows Cracks in China's Property Market |url=https://www.nytimes.com/2021/09/21/business/china-evergrande-bailout.html |access-date=2025-04-14 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> The company eventually filed for bankruptcy in the United States in 2023.<ref name=delouya>{{Cite news|last=Delouya |first=Samantha |date=2023-08-17 |title=China's Evergrande files for bankruptcy |url=https://www.cnn.com/2023/08/17/business/evergrande-files-for-bankruptcy/index.html|publisher=CNN Business|language=en |archive-date=17 August 2023 |archive-url=https://web.archive.org/web/20230817223518/https://www.cnn.com/2023/08/17/business/evergrande-files-for-bankruptcy/index.html |url-status=live }}</ref><ref>{{Cite news |date=2023-08-18 |title=Evergrande: China property giant files for US bankruptcy protection |url=https://www.bbc.com/news/business-66540785 |access-date=2025-04-14 |language=en-GB}}</ref> On 29 January 2024, the company was wound up by the High Court of Hong Kong.<ref>{{cite Hong Kong case|litigants=Re China Evergrande Group (中國恒大集團)|list=HCCW|number=220|year=2022|date=29 January 2024|id=157796}}, reported in [2024] 1 HKLRD 1128</ref><ref>{{cite news|url=https://www.cnbc.com/2024/01/29/evergrande-shares-halted-after-hong-kong-court-orders-liquidation-.html|title=Evergrande shares halted after Hong Kong court orders liquidation|first=Shreyashi|last=Sanyal|date=2024-01-29|work=CNBC|access-date=29 January 2024|archive-date=29 January 2024|archive-url=https://web.archive.org/web/20240129025120/https://www.cnbc.com/2024/01/29/evergrande-shares-halted-after-hong-kong-court-orders-liquidation-.html|url-status=live}}</ref><ref>{{Cite web |date=2025-01-13 |title=China Evergrande's unit receives liquidation order from Hong Kong court |url=https://www.businesstimes.com.sg/property/china-evergrandes-unit-receives-liquidation-order-hong-kong-court |access-date=2025-04-14 |website=The Business Times |language=en}}</ref>

On 24 August 2025, Evergrande was delisted from the Hong Kong Stock Exchange after more than 15 years of trading, following years of financial distress, missed debt payments and an ongoing restructuring process.<ref>{{cite web | first = Peter | last = Hoskins |url=https://www.bbc.com/news/articles/c14g7r44566o |title=Chinese property giant Evergrande delisted after spectacular fall |publisher=BBC News |date=24 August 2025 |accessdate=24 August 2025}}</ref>

==History== Initially called the '''Hongda Group''', Evergrande was founded by Hui Ka Yan in the southern Chinese city of Guangzhou in 1996, during a period of mass urbanization in China.<ref>{{Cite news |last=Stevenson |first=Alexandra |last2=Li |first2=Cao |date=2021-08-10 |title=Evergrande Went From China’s Biggest Developer to One of Its Worst Debtors |url=https://www.nytimes.com/2021/08/10/business/economy/china-evergrande-debt-property.html |archive-url=https://web.archive.org/web/20210921190432/https://www.nytimes.com/2021/08/10/business/economy/china-evergrande-debt-property.html |archive-date=21 September 2021 |access-date=2025-04-14 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> In October 2009, the company raised $722 million U.S. in an initial public offering on the Stock Exchange of Hong Kong (SEHK).<ref>{{Cite news |last=Or |first=Amy |date=2009-10-30 |title=Evergrande Gets $722 Million |url=https://www.wsj.com/articles/SB125683914492516547 |access-date=2025-04-14 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref><ref>{{Cite news |last=Or |first=Amy |date=2009-11-06 |title=Evergrande Jumps 34% in Hong Kong Debut |url=https://www.wsj.com/articles/SB125745135888131657 |access-date=2025-04-14 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref>

In 2021, the payments Evergrande had to make on its debt started the Chinese property sector crisis;<ref>{{Cite web |last=He |first=Laura |last2=Gan |first2=Nectar |date=2024-01-29 |title=Evergrande, symbol of China’s property crisis, heads to liquidation |url=https://edition.cnn.com/2024/01/29/business/evergrande-ordered-to-liquidate-intl-hnk/index.html |access-date=2025-04-14 |website=CNN |language=en}}</ref> Evergrande's total debts were estimated in the hundreds of billions of dollars.<ref name="propertycrisis" /> This was one of the reasons for a drop in many stock market indices on 20 September 2021.<ref>{{cite web |date=22 September 2021 |title=Struggling Evergrande Group says it will make bond payment this week |url=https://www.cbsnews.com/news/evergrande-group-bond-payment-stocks/ |work=CBS News |access-date=24 September 2021 |archive-date=10 April 2023 |archive-url=https://web.archive.org/web/20230410092512/https://www.cbsnews.com/news/evergrande-group-bond-payment-stocks/ |url-status=live }}</ref> At the end of 2021, the Chinese government was reportedly working to restructure Evergrande in order to resolve the crisis.<ref>{{Cite news |last1=Zhai |first1=Keith |last2=Yu |first2=Elaine |last3=Bao |first3=Anniek |date=2021-11-10 |title=China's Plan to Manage Evergrande: Take It Apart, Slowly |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/evergrande-china-crisis-real-estate-developers-11636552507 |issn=0099-9660 |access-date=10 November 2021 |archive-date=16 June 2022 |archive-url=https://web.archive.org/web/20220616163957/https://www.wsj.com/articles/evergrande-china-crisis-real-estate-developers-11636552507 |url-status=live }}</ref><ref>{{Cite web |date=2021-12-06 |title=Evergrande Braces for Debt Restructuring – December 6, 2021 |url=https://dailynewsbrief.com/2021/12/06/evergrande-braces-for-debt-restructuring/ |access-date=2021-12-06 |website=Daily News Brief |language=en-US |archive-date=25 January 2022 |archive-url=https://web.archive.org/web/20220125013736/https://dailynewsbrief.com/2021/12/06/evergrande-braces-for-debt-restructuring/ |url-status=live }}</ref> The group also sought a moratorium on the early repayment option on one of its yuan-denominated bonds from its bondholders on 7 January 2022.<ref>{{Cite web |title=Evergrande Unit Seeks Delaying Possible Yuan Bond Repayment |url=https://finance.yahoo.com/news/evergrande-unit-proposes-delaying-possible-015452125.html |access-date=2022-01-10 |website=finance.yahoo.com |language=en-US}}</ref>

In 2022, the company announced it would move its headquarters to Guangzhou due to a need to reduce spending.<ref>{{cite web |url=https://www.reuters.com/business/china-evergrande-moves-headquarters-shenzhen-guangzhou-report-2022-01-10/ |title=China Evergrande moves from Shenzhen HQ building to cut costs |publisher=Reuters |date=2022-01-10 |access-date=2022-01-10 |archive-date=10 January 2022 |archive-url=https://web.archive.org/web/20220110134703/https://www.reuters.com/business/china-evergrande-moves-headquarters-shenzhen-guangzhou-report-2022-01-10/ |url-status=live}}</ref><ref>{{Cite news |last=Stevenson |first=Alexandra |date=2023-12-05 |title=China Evergrande’s Crash Was Accelerated by Questionable Accounting |url=https://www.nytimes.com/2023/12/05/business/china-evergrande-default-debt.html |access-date=2025-04-14 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> In April 2022, Reuters reported that construction had been started again at many projects<ref>{{Cite news |date=2 April 2022 |title=Construction has resumed at 95% of China Evergrande projects, unit says |newspaper=Reuters |url=https://www.reuters.com/world/china/construction-has-resumed-95-china-evergrande-projects-unit-says-2022-04-02/ |access-date=19 April 2022 |archive-date=19 April 2022 |archive-url=https://web.archive.org/web/20220419204822/https://www.reuters.com/world/china/construction-has-resumed-95-china-evergrande-projects-unit-says-2022-04-02/ |url-status=live }}</ref> and that the company still had liabilities of US$300 billion.

On 17 July 2023, Evergrande made public that it had made a net loss attributable to shareholders of 476 billion yuan (US$66.3 billion) for 2021 and of 105.9 billion yuan (US$14.7 billion) for 2022.<ref name="steeplosses">{{Cite web |date=2023-07-17 |title=China Evergrande reports steep losses, offers update on offshore debt revamp |url=https://www.scmp.com/business/banking-finance/article/3228026/china-evergrande-reports-steep-losses-2021-and-2022-offers-update-offshore-debt-restructuring |access-date=2023-07-18 |website=South China Morning Post |language=en |archive-date=18 July 2023 |archive-url=https://web.archive.org/web/20230718173455/https://www.scmp.com/business/banking-finance/article/3228026/china-evergrande-reports-steep-losses-2021-and-2022-offers-update-offshore-debt-restructuring |url-status=live }}</ref><ref>{{Cite web |last=Smith |first=Elliot |date=2023-07-18 |title=Chinese property developer Evergrande posts $81 billion loss over the past two years |url=https://www.cnbc.com/2023/07/18/chinas-evergrande-posts-81-billion-loss-over-the-past-two-years.html |access-date=2025-04-14 |website=CNBC |language=en}}</ref><ref name=liang/> The group stated that its total liabilities on 31 December 2022 stood at 2.43 trillion yuan (roughly US$340 billion). Court hearings on the restructuring of the group's debts were to be held in July 2023 in Hong Kong and the Caribbean.<ref name="steeplosses" /> On 17 August 2023, Evergrande filed for Chapter 15 of the U.S. bankruptcy code for protection from creditors, with the U.S. bankruptcy court in Manhattan.<ref>{{Cite news |date=2023-08-17 |title=China Evergrande seeks Chapter 15 protection in Manhattan bankruptcy court |language=en |work=Reuters |url=https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/ |access-date=2023-08-17 |archive-date=17 August 2023 |archive-url=https://web.archive.org/web/20230817214641/https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/ |url-status=live }}</ref><ref>{{Cite web |last=Bala |first=Sumathi |date=2023-08-18 |title=China's property giant Evergrande files for bankruptcy protection in Manhattan court |url=https://www.cnbc.com/2023/08/18/china-property-developer-evergrande-files-for-bankruptcy-protection-in-us.html |access-date=2025-04-14 |website=CNBC |language=en}}</ref><ref>{{Cite web |title=Evergrande files for Chapter 15 bankruptcy in the US |url=https://www.financierworldwide.com/evergrande-files-for-chapter-15-bankruptcy-in-the-us |access-date=2025-04-14 |website=Financier Worldwide |language=en-US}}</ref> On 28 August 2023, Evergrande stock plunged in Hong Kong as trading resumed after a 17-month suspension,<ref>{{Cite web |last=Jie |first=Lim Hui |date=2023-08-28 |title=Evergrande shares plunge as much as 87% as trading resumes after 17 months |url=https://www.cnbc.com/2023/08/28/china-evergrande-shares-plunge-as-trading-resumes-trade-after-17-months.html |access-date=2025-04-14 |website=CNBC |language=en}}</ref><ref>{{Cite web |last=Wang |first=Yue |date=Aug 28, 2023 |title=U Wang Young |url=https://uwangyoung.info/ |access-date=2025-04-14 |website= |language=en}}</ref><ref>{{Cite news |last=Sweney |first=Mark |date=2023-08-29 |title=Evergrande shares plunge further amid China economy fears |url=https://www.theguardian.com/business/2023/aug/29/evergrande-shares-china-economy-fears |access-date=2025-04-14 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> tumbling by 79 per cent to 35 HK cents, as opposed to the pre-suspension price of HK$1.65 on 21 March 2022.<ref>{{Cite web |date=2023-08-28 |title=Evergrande sinks 79% in Hong Kong trading before creditors vote on rescue plan |url=https://www.scmp.com/business/china-business/article/3232499/evergrande-shares-plunge-trading-resumes-after-17-month-halt-opening-door-investors-flee-amid |access-date=2023-08-28 |website=South China Morning Post |language=en |archive-date=28 August 2023 |archive-url=https://web.archive.org/web/20230828113612/https://www.scmp.com/business/china-business/article/3232499/evergrande-shares-plunge-trading-resumes-after-17-month-halt-opening-door-investors-flee-amid |url-status=live }}</ref> In September 2023, Bloomberg reported that Hui Ka Yan (Xu Jiayin), the billionaire chairman of Evergrande, was placed under police control.<ref name="policecontrol" /> Caixin reported that Xia Haijun, an ex-chief executive officer of Evergrande, and Pan Darong, a former chief financial officer, were detained by Chinese authorities.<ref name="policecontrol">{{Cite news |date=2023-09-27 |title=China Puts Evergrande's Billionaire Founder Under Police Control |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-09-27/evergrande-s-billionaire-chairman-hui-is-under-police-surveillance |access-date=2023-09-27 |archive-date=27 September 2023 |archive-url=https://web.archive.org/web/20230927213027/https://www.bloomberg.com/news/articles/2023-09-27/evergrande-s-billionaire-chairman-hui-is-under-police-surveillance |url-status=live }}</ref>

On 29 January 2024, a Hong Kong-based court ordered Evergrande to liquidate due to a lack of a viable restructuring plan.<ref>{{Cite news |last=Davidson |first=Helen |date=2024-01-29 |title=Evergrande collapse: Hong Kong court orders liquidation of China property giant |url=https://www.theguardian.com/business/2024/jan/29/evergrande-collapse-liquidation-china-debt-developer-property-giant |access-date=2024-01-29 |work=The Guardian |language=en-GB |issn=0261-3077 |archive-date=29 January 2024 |archive-url=https://web.archive.org/web/20240129134611/https://www.theguardian.com/business/2024/jan/29/evergrande-collapse-liquidation-china-debt-developer-property-giant |url-status=live}}</ref> Trading was halted for stocks in China Evergrande, China Evergrande New Energy Vehicle Group, and Evergrande Property Services.<ref>{{cite news |last=Jim |first=Clare |last2=Yu |first2=Xie |date=29 January 2024 |title=China Evergrande ordered to liquidate in landmark moment for crisis-hit sector |url=https://www.reuters.com/business/embattled-china-evergrande-back-court-liquidation-hearing-2024-01-28/ |access-date=29 January 2024 |work=Reuters |publisher=reuters.com}}</ref><ref>{{cite news |date=29 January 2024 |title=Timeline: Worsening crisis at Evergrande |url=https://www.reuters.com/business/worsening-crisis-evergrande-worlds-most-indebted-developer-2024-01-29/ |access-date=29 January 2024 |publisher=reuters.com |work=Reuters}}</ref> The Hong Kong court order came after bondholders decided that winding down Evergrande was better than Evergrande's plan to give control of most of the developer to Chinese banks and impose losses on foreign creditors. It was thought by investors that the restructuring plan would cause losses that would have potentially been steep enough that the losses of foreign creditors would be lower if Evergrande liquidated.<ref name="backroom">{{Cite news |last=Saeedy |first=Alexander |last2=Feng |first2=Rebecca |date=2024-02-02 |title=WSJ News Exclusive {{!}} Evergrande’s Collapse Followed Backroom Battle Between Bondholders and Chinese Banks |url=https://www.wsj.com/articles/evergrandes-collapse-followed-backroom-battle-between-bondholders-and-chinese-banks-faad3053 |access-date=2025-04-14 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref>

The court order allowed liquidators from Alvarez and Marsal to take over all of Evergrande's subsidiaries around the world so that Evergrande's assets could be sold to repay its debt. However, 90% of Evergrande's assets were in mainland China and most of the assets had already been sold, pledged to Chinese domestic creditors, or frozen by Chinese banks at the time.<ref name="backroom" />

Evergrande stated on 19 March 2024 that the China Securities Regulatory Commission (CSRC) had found that the company had overstated its revenue in 2019 by 214 billion yuan (nearly $30 billion), or about half, and in 2020 its revenue was overstated by nearly 80%, or 350 billion yuan ($48.6 billion).<ref name="fraud">{{Cite web |last=Kurtenbach |first=Elaine |date=2024-03-19 |title=China accuses property developer Evergrande and founder of £60bn fraud |url=https://www.independent.co.uk/asia/china/evergrande-collapse-fraud-founder-debt-b2514882.html |access-date=2025-04-14 |website=The Independent |language=en}}</ref><ref>{{Cite web |last=He |first=Laura |date=2024-03-19 |title=Biggest fraud in Chinese history? Beijing accuses Evergrande of inflating revenues by $78 billion |url=https://edition.cnn.com/2024/03/19/business/china-evergrande-fraud-csrc-investigation-hnk-intl/index.html |access-date=2025-04-14 |website=CNN |language=en}}</ref><ref>{{Cite news |date=2024-03-19 |title=Evergrande: Chinese firm and founder fined over $78bn fraud claims |url=https://www.theguardian.com/business/2024/mar/19/evergrande-chinese-firm-and-founder-hui-ka-yan-fined-over-78bn-claims |access-date=2025-04-14 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> The CSRC also suspected problems with the bonds Evergrande issued. The regulator fined Evergrande 4.2 billion yuan ($579.5 million) for falsifying its revenue, among other financial misconduct.<ref name="fraud" />

== Operations and business interests == === Automotive === In 2018, Evergrande acquired a 45% stake in electric vehicle company Faraday Future for $2 billion through its Evergrande Health subsidiary.<ref>{{Cite news | url=https://www.theverge.com/2018/6/26/17502178/faraday-future-evergrande-china-investment-tony-nie | title=Faraday Future reveals the source of its $2 billion investment as a co-founder steps away | first=Sean | last=O'Kane | work=The Verge | date=2018-06-26 | access-date=26 June 2018 | archive-date=26 June 2018 | archive-url=https://web.archive.org/web/20180626210852/https://www.theverge.com/2018/6/26/17502178/faraday-future-evergrande-china-investment-tony-nie | url-status=live }}</ref>

In July 2019, the company partnered with State Grid Corporation of China to develop electric vehicle charging stations.<ref>{{Cite news|last1=Xuewan|first1=Chen|last2=Kirton|first2=David|date=17 July 2019|title=State Grid, Evergrande Team Up to Build Electric-Car Charging Network|work=Caixin|url=https://www.caixinglobal.com/2019-07-17/state-grid-evergrande-teams-up-to-build-electric-car-charging-network-101440833.html|access-date=22 September 2021|archive-date=22 September 2021|archive-url=https://web.archive.org/web/20210922045303/https://www.caixinglobal.com/2019-07-17/state-grid-evergrande-teams-up-to-build-electric-car-charging-network-101440833.html|url-status=live}}</ref> Later in November 2019, Evergrande announced that it would invest ¥45 billion (approximately US$6.4 billion)<ref>{{Cite web|url=https://www.caixinglobal.com/2019-09-13/sources-china-evergrande-plans-to-build-electric-cars-batteries-in-qingdao-101462018.html|title=China Evergrande Plans to Build Electric Cars, Batteries in Qingdao - Caixin Global|website=www.caixinglobal.com|language=en|access-date=2020-04-17}}</ref> over the following three years to develop new energy vehicles, build three production bases in Nansha, Guangzhou and Shanghai, and launch electric vehicles branded as "Evergrande New Energy Vehicle" in 2020,<ref>{{cite press release | url=https://apnews.com/press-release/pr-prnewswire/dbae2c196548d1dffbabbe2584e876f1 | title=Xinhua Silk Road: Evergrande teams up with global partners to promote NEV development | publisher=PR Newswire | date=13 November 2019}}</ref><ref>{{Cite news | url=https://www.japantimes.co.jp/news/2019/12/03/business/corporate-business/billionaire-china-invest-electric-cars/ | title=The road gets bumpy for billionaires investing in China's electric cars | work=The Japan Times | date=3 December 2019 | access-date=22 September 2021 | archive-date=22 September 2021 | archive-url=https://web.archive.org/web/20210922045301/https://www.japantimes.co.jp/news/2019/12/03/business/corporate-business/billionaire-china-invest-electric-cars/ | url-status=live }}</ref> creating the Hengchi electric vehicle brand.<ref>{{cite news | url=https://www.electrive.com/2019/11/13/evergrande-to-introduce-first-ev-in-2020/ | title=Evergrande to introduce first EV in 2020 | work=Electrive | date=13 November 2019 | access-date=22 September 2021 | archive-date=22 September 2021 | archive-url=https://web.archive.org/web/20210922045301/https://www.electrive.com/2019/11/13/evergrande-to-introduce-first-ev-in-2020/ | url-status=live }}</ref>

In June 2020, Evergrande Group acquired the remaining 49% of NEVS for $380 million, after having acquired 51% of the shares for $931 million in 2019.<ref>{{cite news | url=https://www.electrive.com/2020/06/17/evergrande-to-buy-up-the-rest-of-nevs/ | title=Evergrande to buy up the rest of NEVS | work=Electrive | date=17 June 2020 | access-date=22 September 2021 | archive-date=22 September 2021 | archive-url=https://web.archive.org/web/20210922045257/https://www.electrive.com/2020/06/17/evergrande-to-buy-up-the-rest-of-nevs/ | url-status=live }}</ref> Evergrande NEV has stated that it will start making electric cars by 2022.<ref>{{Cite web|last=Kharpal|first=Arjun|date=2021-10-12|title=Evergrande plans to roll out electric cars in 2022, sending shares of its auto unit 4.5% higher|url=https://www.cnbc.com/2021/10/12/evergrande-new-energy-vehicle-says-to-roll-out-electric-cars-in-2022-.html|access-date=2021-11-15|website=CNBC|language=en|archive-date=15 November 2021|archive-url=https://web.archive.org/web/20211115234720/https://www.cnbc.com/2021/10/12/evergrande-new-energy-vehicle-says-to-roll-out-electric-cars-in-2022-.html|url-status=live}}</ref>{{nu|date=May 2024}}

On 14 August 2023, Evergrande Group received a $500 million strategic investment from NWTN Group.<ref>{{Cite web |last=Sebastian |first=Dave |title=迪拜车企纽顿集团5亿美元入股恒大汽车 |trans-title=The Dubai-based car company Newton Group has invested 500 million USD in Evergrande Auto. |url=https://cn.wsj.com/articles/%E8%BF%AA%E6%8B%9C%E8%BD%A6%E4%BC%81%E7%BA%BD%E9%A1%BF%E9%9B%86%E5%9B%A25%E4%BA%BF%E7%BE%8E%E5%85%83%E5%85%A5%E8%82%A1%E6%81%92%E5%A4%A7%E6%B1%BD%E8%BD%A6-91b3c436 |archive-url=https://web.archive.org/web/20230820050924/https://cn.wsj.com/articles/%E8%BF%AA%E6%8B%9C%E8%BD%A6%E4%BC%81%E7%BA%BD%E9%A1%BF%E9%9B%86%E5%9B%A25%E4%BA%BF%E7%BE%8E%E5%85%83%E5%85%A5%E8%82%A1%E6%81%92%E5%A4%A7%E6%B1%BD%E8%BD%A6-91b3c436 |archive-date=20 August 2023 |access-date=2025-04-14 |website=华尔街日报中文网 |language=zh-HANS}}</ref><ref>{{Cite web |title=恒大汽车：获得NWTN集团首笔5亿美元战略投资 |trans-title=Evergrande Auto: Secures the first 500 million USD strategic investment from NWTN Group. |url=https://www.yicai.com/news/101835032.html |url-status=live |archive-url=https://web.archive.org/web/20230820050918/https://www.yicai.com/news/101835032.html |archive-date=20 August 2023 |access-date=2023-08-20 |website=www.yicai.com}}</ref>

In June 2024, Evergrande NEV was ordered by the Chinese government to return 1.9 billion yuan it had received as subsidies from the state due to the company's failure to meet contractual obligations.<ref>{{cite web |last1=Ao |first1=Yulu |title=Evergrande's NEV unit plunges on China's order to refund US$262 million in state subsidies |url=https://www.scmp.com/business/china-business/article/3266261/evergrandes-nev-unit-plunges-chinas-order-refund-us262-million-state-subsidies |publisher=South China Morning Post |date=12 June 2024}}</ref>

=== Health === In March 2015, Evergrande acquired New Media Group Holdings and renamed it Evergrande Health.<ref>{{Cite press release|url=https://en.prnasia.com/releases/global/Evergrande_Acquires_New_Media_and_to_Rename_it_Evergrande_Health-115896.shtml|title=Evergrande Acquires New Media and to Rename it Evergrande Health|publisher=PR Newswire|date=2015-03-01|access-date=22 September 2021|archive-date=22 September 2021|archive-url=https://web.archive.org/web/20210922045301/https://en.prnasia.com/releases/global/Evergrande_Acquires_New_Media_and_to_Rename_it_Evergrande_Health-115896.shtml|url-status=live}}</ref> Evergrande Health Group operated the "Evergrande Health Valley" in Nanning. The Health Valley is a health and wellness park, and retirement community.<ref>{{Cite web|url=https://www.nanning.gov.cn/english/aboutnanning/citybests/t4533240.html|title=Evergrande Health Valley in Nanning Airport Economic Zone |date=2020-11-15 |website=nanning.gov.cn |archive-url=https://web.archive.org/web/20211014174915/https://www.nanning.gov.cn/english/aboutnanning/citybests/t4533240.html |archive-date=2021-10-14 |url-status=live}}</ref> Evergrande also worked with Brigham and Women's Hospital in Massachusetts to manage Boao Evergrande International Hospital in Hainan.<ref>{{cite web|url=http://en.lecityhn.com/boaoevergrande.html|title=Boao Evergrande International Hospital|website=en.lecityhn.com|access-date=19 June 2021|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624203057/http://en.lecityhn.com/boaoevergrande.html|url-status=live}}</ref>

Evergrande Health was both a division and a listed company. However, the listed company portion was renamed into China Evergrande New Energy Vehicle Group Limited in August 2020.<ref>{{cite news|url=https://www.wsj.com/articles/search-for-next-tesla-fuels-rally-in-chinese-auto-stocks-11597311005|title=Search For Next Tesla Fuels Rally in Chinese Auto Stocks|date=13 August 2020|access-date=17 December 2021|newspaper=The Wall Street Journal|first=Joanne|last=Chiu|archive-date=17 December 2021|archive-url=https://web.archive.org/web/20211217030819/https://www.wsj.com/articles/search-for-next-tesla-fuels-rally-in-chinese-auto-stocks-11597311005|url-status=live}}</ref><ref>{{cite press release|url=https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0826/2020082600326.pdf|title=Change of Company Name, Stock Short Names and Company’s Website|date=26 August 2020|access-date=17 December 2021|publisher=China Evergrande New Energy Vehicle Group Limited|archive-date=17 December 2021|archive-url=https://web.archive.org/web/20211217030820/https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0826/2020082600326.pdf|url-status=live}}</ref>

As of 2021, the health division was still part of China Evergrande New Energy Vehicle Group Limited and in turn part of Evergrande Group.<ref>{{cite book|url=https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0930/2021093000703.pdf|title=INTERIM REPORT 2021|publisher=China Evergrande New Energy Vehicle Group|date=30 September 2021|access-date=17 December 2021|archive-date=17 December 2021|archive-url=https://web.archive.org/web/20211217031450/https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0930/2021093000703.pdf|url-status=live}}</ref>

=== Entertainment === HengTen Networks was formed in 2015 in partnership with Tencent. In October 2020, HengTen Networks announced that it would acquire Ruyi Pictures for HK$7.2 billion.<ref>{{cite news | url=https://www.caixinglobal.com/2020-10-28/online-home-furnishing-group-makes-surprise-1-billion-bid-for-tv-production-company-101619897.html | title=Online Home Furnishing Group Makes Surprise $1 Billion Bid for TV Production Company | work=Caixin | date=28 October 2020 | access-date=22 September 2021 | archive-date=14 October 2021 | archive-url=https://web.archive.org/web/20211014175245/https://www.caixinglobal.com/2020-10-28/online-home-furnishing-group-makes-surprise-1-billion-bid-for-tv-production-company-101619897.html | url-status=live }}</ref> In August 2021, the company sold a 7% stake in HengTen to Tencent for US$418 million.<ref>{{Cite news|last=Zaharia|first=Marius|date=1 August 2021|title=China's Evergrande to sell stakes in HengTen internet unit for $418 mln|work=Reuters|url=https://www.reuters.com/technology/chinas-indebted-evergrande-sell-stakes-internet-unit-2021-08-01/|access-date=22 September 2021|archive-date=22 September 2021|archive-url=https://web.archive.org/web/20210922045300/https://www.reuters.com/technology/chinas-indebted-evergrande-sell-stakes-internet-unit-2021-08-01/|url-status=live}}</ref> Later in 2021, Evergrande sold off its remaining stake in HengTen, ending their relationship with Tencent.<ref>{{cite web |last1=Baoat |first1=Anniek |title=China Evergrande to shed stake in Tencent-backed venture for $273 million |url=https://www.livemint.com/companies/news/china-evergrande-to-shed-stake-in-tencent-backed-venture-for-273-million-11637244299756.html |date=18 November 2021 |access-date=18 December 2021 |archive-date=18 December 2021 |archive-url=https://web.archive.org/web/20211218144721/https://www.livemint.com/companies/news/china-evergrande-to-shed-stake-in-tencent-backed-venture-for-273-million-11637244299756.html |url-status=live }}</ref>

=== Finance === In November 2015, Evergrande acquired a 50% stake in Sino-Singapore Great Eastern Life Insurance Company for $617 million and changed its name to Evergrande Life.<ref>{{Cite news | url=https://www.reuters.com/article/us-evergrande-insurance/chinese-developer-evergrande-strikes-617-million-life-insurance-deal-idUSKBN0TB0FB20151122 | title=Chinese developer Evergrande strikes $617 million life insurance deal | first=Clare | last=Baldwin | author-link=Clare Baldwin | work=Reuters | date=22 November 2015}}</ref> It also owns shares in Shengjing Bank.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2021-08-18/evergrande-raises-154-million-paring-stake-in-key-bank-unit | title=Evergrande Raises $154 Million Paring Stake in Key Bank Unit | work=Bloomberg News | date=17 August 2021 | access-date=22 September 2021 | archive-date=22 September 2021 | archive-url=https://web.archive.org/web/20210922045300/https://www.bloomberg.com/news/articles/2021-08-18/evergrande-raises-154-million-paring-stake-in-key-bank-unit | url-status=live }}</ref> Evergrande has also sold wealth management products to consumers.<ref>{{cite news |title=Lured by promises of high returns, thousands gave Evergrande cash |url=https://www.aljazeera.com/economy/2021/9/22/evergrande-turned-to-employees-clients-suppliers-for-cash |access-date=23 September 2021 |work=Al Jazeera |language=en |archive-date=11 December 2021 |archive-url=https://web.archive.org/web/20211211102133/https://www.aljazeera.com/economy/2021/9/22/evergrande-turned-to-employees-clients-suppliers-for-cash |url-status=live }}</ref>

=== Food and agriculture === thumb|Evergrande Group mineral water brand "EVERGRANDE SPRING " In 2014, Evergrande Group launched its "Hengda Bingquan" (later "Evergrande Spring") mineral water brand and invested ¥5.54 billion in it, including hiring Jackie Chan to promote the brand.<ref>{{Cite news |url=https://www.wsj.com/articles/how-beijings-debt-clampdown-shook-the-foundation-of-a-real-estate-colossus-11631957400 |title=How Beijing's Debt Clampdown Shook the Foundation of a Real-Estate Colossus |work=The Wall Street Journal |date=18 September 2021 |access-date=22 September 2021 |archive-date=22 September 2021 |archive-url=https://web.archive.org/web/20210922200301/https://www.wsj.com/articles/how-beijings-debt-clampdown-shook-the-foundation-of-a-real-estate-colossus-11631957400 |url-status=live }}</ref> Evergrande's water brand received significant negative attention from Korean consumers, as the water source on the label was listed as "Jang bai shan" (Changbai mountains) rather than the Korean name "Mount Baekdusan." The use of the Chinese name of the mountain—which borders China and North Korea—is a point of stress between China and South Korea.<ref>{{Cite web|last=Herald|first=Korea|date=2014-07-02|title=Kim Soo-hyun's controversial Chinese ad revealed|url=http://www.koreaherald.com/view.php?ud=20140702001179|access-date=2021-09-22|website=The Korea Herald|language=en|archive-date=10 November 2021|archive-url=https://web.archive.org/web/20211110100240/http://www.koreaherald.com/view.php?ud=20140702001179|url-status=live}}</ref>

In September 2016, after a loss of ¥4 billion, Evergrande sold its agribusiness units, which included its mineral water brand, dairy business, and grain and oil business, for ¥2.7 billion.<ref>{{Cite news|date=2016-09-28|title=Evergrande Sells Food, Beverage Units to Focus on Real Estate|agency=Bloomberg News|url=https://www.bloomberg.com/news/articles/2016-09-28/evergrande-sells-food-beverage-units-to-focus-on-real-estate|url-access=subscription|access-date=22 September 2021|archive-date=22 September 2021|archive-url=https://web.archive.org/web/20210922045300/https://www.bloomberg.com/news/articles/2016-09-28/evergrande-sells-food-beverage-units-to-focus-on-real-estate|url-status=live}}</ref><ref>{{Cite web|url=https://www1.hkexnews.hk/listedco/listconews/sehk/2016/0928/ltn20160928027.pdf|title=Inside Information Disposal of Non-Core Businesses in Grain and Oil, Dairy Products and Spring Water|access-date=22 September 2021|archive-date=2 October 2021|archive-url=https://web.archive.org/web/20211002204452/https://www1.hkexnews.hk/listedco/listconews/sehk/2016/0928/ltn20160928027.pdf|url-status=live}}</ref> Later that year, Evergrande announced it was investing ¥300 million to build more than 110 pig farms in southwestern Guizhou province.<ref>{{Cite news|last=Yuanke|first=Zhang|date=9 December 2020|title=Evergrande, Vanke, Over 1,000 Chinese Developers Try Their Hand at Pig Farming|work=Shanghai Media Group|url=https://www.yicaiglobal.com/news/evergrande-vanke-over-1000-chinese-developers-try-their-hand-at-pig-farming|access-date=21 September 2021|archive-date=21 September 2021|archive-url=https://web.archive.org/web/20210921190446/https://www.yicaiglobal.com/news/evergrande-vanke-over-1000-chinese-developers-try-their-hand-at-pig-farming|url-status=live}}</ref>

=== Real estate === Evergrande Group owned {{convert|abbr=off|565|e6m2|e6ft2|sp=us}} of development land and real estate projects in 22 cities, including Guangzhou, Tianjin, Shenyang, Wuhan, Kunming, Chengdu, Chongqing, Nanjing, Zhengzhou, Luoyang, Changsha, Nanning, Xi'an, Taiyuan and Guiyang in mainland China.<ref>{{Cite news | url=https://www.scmp.com/business/banking-finance/article/3135736/china-evergrande-unit-slides-record-us19-billion-sell | title=China Evergrande unit slides by record in US$1.9 billion sell-off as seller offloads stock after lock-up period expires | first=Georgina | last=Lee | work=South China Morning Post | date=2 June 2021 | access-date=22 September 2021 | archive-date=22 September 2021 | archive-url=https://web.archive.org/web/20210922045301/https://www.scmp.com/business/banking-finance/article/3135736/china-evergrande-unit-slides-record-us19-billion-sell | url-status=live }}</ref> Notable projects by the company include Ocean Flower Island in Hainan.

Evergrande Real Estate is the second-largest real estate developer in mainland China. It is known as "Wan Heng Bi" with the other two top three real estate companies: Vanke ({{zh|p=Wànkē}}) and Country Garden ({{zh|p=Bìguìyuán}}). The firm has developed projects in over 170 cities in mainland China.

Evergrande Plaza, in Chengdu, was designed by Aedas, and completed in 2014.<ref>Evergrande Plaza, a Hong Kong-style shopping mall,{{clarify|What is "Hong Kong-style shopping mall"?|date=November 2021}} opens in Chengdu. [http://news.winshang.com/html/053/5107.html] {{Webarchive|url=https://web.archive.org/web/20211110031756/http://news.winshang.com/html/053/5107.html|date=2021-11-10}} Retrieved 15 December 2015.</ref>

=== Sports === In 2010, it acquired football club Guangzhou Evergrande F.C. and invested heavily to acquire top players. In 2013, under Marcello Lippi, the club won the 2013 AFC Champions League. Alibaba also has a 50% stake in the football club.<ref>{{Cite news|date=2015-07-02|title=Alibaba, Evergrande-owned soccer club files for China IPO in Asian first|language=en|work=Reuters|url=https://www.reuters.com/article/us-evergrande-alibaba-ipo-idUSKCN0PC0G120150702|access-date=2020-04-17|archive-date=8 November 2020|archive-url=https://web.archive.org/web/20201108142035/https://www.reuters.com/article/us-evergrande-alibaba-ipo-idUSKCN0PC0G120150702|url-status=live}}</ref>

On 16 April 2020, Evergrande opened the construction of Guangzhou Evergrande Football Stadium in Xie Village, Panyu District, Guangzhou.<ref>{{cite news |last1=Duerden |first1=John |title=Chinese club Guangzhou Evergrande building world's biggest stadium for $1.7bn |url=https://www.espn.com/soccer/guangzhou-evergrande/story/4086363/chinese-club-guangzhou-evergrande-building-worlds-biggest-stadium-for-$17bn |access-date=19 June 2021 |website=ESPN.com |date=17 April 2020 |archive-date=26 September 2020 |archive-url=https://web.archive.org/web/20200926231141/https://www.espn.com/soccer/guangzhou-evergrande/story/4086363/chinese-club-guangzhou-evergrande-building-worlds-biggest-stadium-for-$17bn/ |url-status=live }}</ref>

Evergrande Football School is a football tutoring school.<ref>{{cite web |last1=Stayton |first1=Jonathan |title=Guangzhou Evergrande: Inside China's $185M football factory |website=CNN |url=https://www.cnn.com/2016/03/15/football/football-china-guangzhou-evergrande/index.html |date=16 March 2016 |access-date=20 March 2022 |archive-date=25 March 2022 |archive-url=https://web.archive.org/web/20220325214943/https://www.cnn.com/2016/03/15/football/football-china-guangzhou-evergrande/index.html |url-status=live }}</ref>

The company was a sponsor of the Women's Guangdong Evergrande Volleyball Club, terminating their contract after 8 years in October 2021.<ref>{{cite web |last1=White |first1=Jonathan |title=Evergrande's women's volleyball team fate uncertain amid financial trouble |url=https://www.scmp.com/sport/china/article/3151783/evergrandes-womens-volleyball-team-fate-uncertain-amid-financial |date=10 October 2021 |access-date=20 March 2022 |archive-date=20 March 2022 |archive-url=https://web.archive.org/web/20220320204959/https://www.scmp.com/sport/china/article/3151783/evergrandes-womens-volleyball-team-fate-uncertain-amid-financial |url-status=live }}</ref>

=== Tourism and recreation === Evergrande owns two major theme park brands "Hengda children of the world", "Hengda water world", and Hainan has a large tourist complex "Chinese island of Hainan to spend".<ref>{{cite news|author-first1=Jeremy |author-last1=Goldkorn|date=24 September 2020|title=Is indebted real estate developer Evergrande Group seeking government support?|website=supchina.com|url=https://supchina.com/2020/09/24/is-indebted-real-estate-developer-evergrande-group-seeking-government-support/|access-date=19 June 2021|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624200949/https://supchina.com/2020/09/24/is-indebted-real-estate-developer-evergrande-group-seeking-government-support/|url-status=live}}</ref><ref>{{cite news|author=Qu Hui|author2=Yang Ge|date=22 October 2020|title=Environmental Violations Dog Struggling Evergrande's Hainan Mega-Resort|website=caixinglobal.com|url=https://www.caixinglobal.com/2020-10-22/environmental-violations-dog-struggling-evergrandes-hainan-mega-resort-101617691.html|access-date=19 June 2021|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624202101/https://www.caixinglobal.com/2020-10-22/environmental-violations-dog-struggling-evergrandes-hainan-mega-resort-101617691.html|url-status=live}}</ref><ref>{{cite news|title=Evergrande Group's Ocean Flower Island|website=ravensuncreative.com|url=https://www.ravensuncreative.com/case-studies/ocean-flower-island/|access-date=19 June 2021|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624203538/https://www.ravensuncreative.com/case-studies/ocean-flower-island/|url-status=live}}</ref> The under-construction Ocean Flower Island in Hainan is one of its major projects.<ref>{{cite web|url=http://www.l-a-v-a.net/projects/hainan-ocean-flower-resort/?locale=en_US|title=HAINAN OCEAN FLOWER RESORT » LAVA|publisher=www.l-a-v-a.net|access-date=18 December 2021|archive-date=19 February 2020|archive-url=https://web.archive.org/web/20200219085211/http://www.l-a-v-a.net/projects/hainan-ocean-flower-resort/?locale=en_US|url-status=live}}</ref>

==Financial data per annual reports== {{ChartDirect | thumb | width=425px | caption=Financial data in billion CNY. | type=bar | x=2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022 |y1= 45.801401000, 61.918185000, 65.260838000, 93.671780000,111.398112000,133.130000000, 211.444000000, 311.022000000, 466.196000000, 477.561000000, 507.248000000, 250.013000000, 230.067000000 |y2= 8.024676000, 11.726593000, 9.181921000, 12.611778000, 12.604053000, 10.460000000, 5.091000000, 24.372000000, 37.390000000, 17.280000000, 8.076000000,-476.035000000,-105.914000000 |y3=104.452464000,179.023408000,238.990551000,159.950689000,206.225229000,757.035000000,1350.868000000,1761.752000000,1880.028000000,2206.577000000,2301.159000000,2107.096000000,1838.338000000 |y4= 21.366225000, 34.130753000, 41.691325000, 79.342634000,112.378004000,142.142000000, 192.532000000, 242.208000000, 308.626000000, 358.537000000, 350.431000000,-473.054000000,-599.074000000 |y1Title=Revenue |y2Title=Net Income |y3Title=Assets |y4Title=Equity }}

{| class="wikitable" |+Financial data in CNY<ref>{{cite web|url = https://finance.yahoo.com/quote/3333.HK/financials?p=3333.HK|title = China Evergrande Group (3333.HK) Income Statement|website = finance.yahoo.com|access-date = 16 June 2021|archive-date = 27 June 2021|archive-url = https://web.archive.org/web/20210627175943/https://finance.yahoo.com/quote/3333.HK/financials?p=3333.HK|url-status = live}}</ref><ref>{{cite web|url = https://finance.yahoo.com/quote/3333.HK/balance-sheet?p=3333.HK|title = China Evergrande Group (3333.HK) Balance Sheet|website = finance.yahoo.com|access-date = 16 June 2021|archive-date = 10 September 2021|archive-url = https://web.archive.org/web/20210910114709/https://finance.yahoo.com/quote/3333.HK/balance-sheet?p=3333.HK|url-status = live}}</ref><ref name="Revenue">{{cite web |url=https://www.statista.com/statistics/258002/revenue-of-evergrande-real-estate-group/ |title=Revenue of Evergrande Real Estate Group Ltd. from 2010 to 2020 |website=Statista |access-date=15 June 2021 |archive-date=9 April 2023 |archive-url=https://web.archive.org/web/20230409231150/https://www.statista.com/statistics/258002/revenue-of-evergrande-real-estate-group/ |url-status=live }}</ref> (financial year ends on 31 December)<ref name="ar2020" /> !Year !Revenue !Net income !|Assets !Equity |- |2010<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2010/ar2010.pdf|title=2010 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111608/https://doc.irasia.com/listco/hk/evergrande/annual/2010/ar2010.pdf|url-status=dead}}</ref> |align="right"|45,801,401,000 |align="right"|8,024,676,000 |align="right"|104,452,464,000 |align="right"|21,366,225,000 |- |2011<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2011/ar2011.pdf|title=2011 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111602/https://doc.irasia.com/listco/hk/evergrande/annual/2011/ar2011.pdf|url-status=live}}</ref> |align="right"|61,918,185,000 |align="right"|11,726,593,000 |align="right"|179,023,408,000 |align="right"|34,130,753,000 |- |2012<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2012/ar2012.pdf|title=2012 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111526/https://doc.irasia.com/listco/hk/evergrande/annual/2012/ar2012.pdf|url-status=live}}</ref> |align="right"|65,260,838,000 |align="right"|9,181,921,000 |align="right"|238,990,551,000 |align="right"|41,691,325,000 |- |2013<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2013/ar2013.pdf|title=2013 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111527/https://doc.irasia.com/listco/hk/evergrande/annual/2013/ar2013.pdf|url-status=live}}</ref> |align="right"|93,671,780,000 |align="right"|12,611,778,000 |align="right"|159,950,689,000 |align="right"|79,342,634,000 |- |2014<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2014/ar2014.pdf|title=2014 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111521/https://doc.irasia.com/listco/hk/evergrande/annual/2014/ar2014.pdf|url-status=live}}</ref> |align="right"|111,398,112,000 |align="right"|12,604,053,000 |align="right"|206,225,229,000 |align="right"|112,378,004,000 |- |2015<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2015/ar2015.pdf|title=2015 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111537/https://doc.irasia.com/listco/hk/evergrande/annual/2015/ar2015.pdf|url-status=live}}</ref> |align="right"|133,130,000,000 |align="right"|10,460,000,000 |align="right"|757,035,000,000 |align="right"|142,142,000,000 |- |2016<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2016/ar2016.pdf|title=2016 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111545/https://doc.irasia.com/listco/hk/evergrande/annual/2016/ar2016.pdf|url-status=live}}</ref> |align="right"|211,444,000,000 |align="right"|5,091,000,000 |align="right"|1,350,868,000,000 |align="right"|192,532,000,000 |- |2017<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2017/ar2017.pdf|title=2017 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111518/https://doc.irasia.com/listco/hk/evergrande/annual/2017/ar2017.pdf|url-status=live}}</ref> |align="right"|311,022,000,000 |align="right"|24,372,000,000 |align="right"|1,761,752,000,000 |align="right"|242,208,000,000 |- |2018<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2018/ar2018.pdf|title=2018 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111509/https://doc.irasia.com/listco/hk/evergrande/annual/2018/ar2018.pdf|url-status=live}}</ref> |align="right"|466,196,000,000 |align="right"|37,390,000,000 |align="right"|1,880,028,000,000 |align="right"|308,626,000,000 |- |2019<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2019/ar2019.pdf|title=2019 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=6 September 2021|archive-url=https://web.archive.org/web/20210906111626/https://doc.irasia.com/listco/hk/evergrande/annual/2019/ar2019.pdf|url-status=live}}</ref> |align="right"|477,561,000,000 |align="right"|17,280,000,000 |align="right"|2,206,577,000,000 |align="right"|358,537,000,000 |- |2020<ref name="ar2020">{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2020/ar2020.pdf|title=2020 Annual Report|website=doc.irasia.com|access-date=18 June 2021|archive-date=19 July 2021|archive-url=https://web.archive.org/web/20210719112710/https://doc.irasia.com/listco/hk/evergrande/annual/2020/ar2020.pdf|url-status=live}}</ref> |align="right"|507,248,000,000 |align="right"|8,076,000,000 |align="right"|2,301,159,000,000 |align="right"|350,431,000,000 |- |2021<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2021/res.pdf|title=Cannouncement of Results for the Year Ended 31 December 2021|publisher=China Evergrande Group|access-date=18 July 2023|archive-date=18 July 2023|archive-url=https://web.archive.org/web/20230718032026/https://doc.irasia.com/listco/hk/evergrande/annual/2021/res.pdf|url-status=live}}</ref> |align="right"|250,013,000,000 |align="right"|{{color|red|-476,035,000,000}} |align="right"|2,107,096,000,000 |align="right"|{{color|red|-473,054,000,000}} |- |2022<ref>{{cite web|url=https://doc.irasia.com/listco/hk/evergrande/annual/2022/res.pdf|title=Cannouncement of Results for the Year Ended 31 December 2022|publisher=China Evergrande Group|access-date=18 July 2023|archive-date=18 July 2023|archive-url=https://web.archive.org/web/20230718032023/https://doc.irasia.com/listco/hk/evergrande/annual/2022/res.pdf|url-status=live}}</ref> |align="right"|230,067,000,000 |align="right"|{{color|red|-105,914,000,000}} |align="right"|1,838,338,000,000 |align="right"|{{color|red|-599,074,000,000}} |}

==Financial problems and audits== {{Further|Chinese property sector crisis (2020–present)}}

In 2016, the Hong Kong Market Misconduct Tribunal suspended American short seller and Citron Research founder Andrew Left for five years, due to the publication of a highly critical report on the company, "finding him culpable of disclosing false or misleading information inducing transactions under the Securities and Futures Ordinance (SFO) in the publication of a research report on Evergrande Real Estate Group Limited (Evergrande) in June 2012."<ref>{{cite press release|url=https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=16PR107|title=Market Misconduct Tribunal bans Andrew Left of Citron Research from trading securities in Hong Kong|date=20 October 2016|access-date=31 July 2018|publisher=Securities and Futures Commission|location=Hong Kong|archive-date=17 June 2020|archive-url=https://web.archive.org/web/20200617032504/https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=16PR107|url-status=live}}</ref><ref name="MMTReportI">{{cite web |url=https://www.mmt.gov.hk/eng/reports/Evergrande_Report.pdf |title=The report of the Market Misconduct Tribunal into dealings in the shares of Evergrande Real Estate Group Limited on 21 June 2012 (Part I) |date=26 August 2016 |publisher=Market Misconduct Tribunal |access-date=7 March 2020 |archive-date=7 April 2023 |archive-url=https://web.archive.org/web/20230407160046/https://www.mmt.gov.hk/eng/reports/Evergrande_Report.pdf |url-status=live }}</ref><ref name="MMTReportII">{{cite web |url=https://www.mmt.gov.hk/eng/reports/Evergrande_Report_PartII.pdf |title=The report of the Market Misconduct Tribunal into dealings in the shares of Evergrande Real Estate Group Limited on 21 June 2012 (Part II) |date=10 November 2016 |publisher=Market Misconduct Tribunal |access-date=7 March 2020 |archive-date=20 January 2021 |archive-url=https://web.archive.org/web/20210120010100/https://www.mmt.gov.hk/eng/reports/Evergrande_Report_PartII.pdf |url-status=live }}</ref> The trading ban "has raised concerns over freedom of speech in Hong Kong's financial markets" according to the ''New York Times''.<ref>{{Cite news|url=https://www.nytimes.com/2016/10/21/business/dealbook/hong-kong-china-evergrande-trader-us.html|title=Hong Kong Tribunal Suspends Investor Who Criticized Chinese Firm|last=Gough|first=Neil|date=2016-10-20|newspaper=The New York Times|issn=0362-4331|access-date=2016-10-21|archive-date=20 January 2022|archive-url=https://web.archive.org/web/20220120221920/https://www.nytimes.com/2016/10/21/business/dealbook/hong-kong-china-evergrande-trader-us.html|url-status=live}}</ref>

The Chinese government initiated a major deleveraging campaign in 2016.<ref name=":Zhang" />{{Rp|page=74}} Evergrande had been one of the most active Chinese developers in the global junk bond market, but after the 2016 campaign such avenues became more difficult for Evergrande and similarly situated developers.<ref name=":Zhang" />{{Rp|page=74}} Evergrande responded by increasing its use of supply-side finance, seeking advanced payments from customers for unfinished apartments and expanding its borrowing from suppliers and contractors.<ref name=":Zhang" />{{Rp|page=74}} The company was facing a liquidity crisis, even going so far as to encourage employees to purchase financial products from the company.<ref name="propertycrisis">{{Cite news |last1=Tham |first1=Engen |last2=Zhu |first2=Julie |last3=Jim |first3=Clare |date=31 August 2023 |title=How Evergrande's downfall signaled China's property crisis |work=Reuters |url=https://www.reuters.com/world/china/inside-downfall-embattled-property-developer-china-evergrande-2023-08-31/ |access-date=31 August 2023 |archive-date=31 August 2023 |archive-url=https://web.archive.org/web/20230831142359/https://www.reuters.com/world/china/inside-downfall-embattled-property-developer-china-evergrande-2023-08-31/?utm_source=Sailthru&utm_medium=Newsletter&utm_campaign=Daily-Briefing&utm_term=083123 |url-status=live }}</ref><ref name=":Zhang" />{{Rp|page=74}}

In 2020, CCP General Secretary Xi Jinping's government started to tighten the real estate market based on the principle that "property is to be lived in, not to be speculated on."<ref name="Jin 2023">{{Cite book |last=Jin |first=Keyu |title=The New China Playbook: Beyond Socialism and Capitalism |date=2023 |publisher=Viking |isbn=978-1-9848-7828-1 |location=New York |author-link=Keyu Jin}}</ref>{{Rp|page=161}} He had previously articulated this principle during the 19th Party Congress and it led to a series of financial rules known as the three red lines.<ref name=":Zhang">{{Cite book |last=Zhang |first=Angela Huyue |title=High Wire: How China Regulates Big Tech and Governs Its Economy |publisher=Oxford University Press |year=2024 |isbn=9780197682258 |doi=10.1093/oso/9780197682258.001.0001}}</ref>{{Rp|page=73}} In an effort to curb risky borrowing by property development firms, the three red lines required that (1) developers have a liability-to-assets ratio of less than 70 percent, (2) a net gearing ratio of less than 100 percent, and (3) a cash to short-term debt ratio of at least one.<ref name=":Zhang" />{{Rp|page=73}} Companies that complied with all three rules could increase their debt by 15 percent in the next year.<ref name=":Zhang" />{{Rp|pages=73–74}} New restrictions lead to a downturn in the property market, with sales declining by 30% in 2021.<ref name="Jin 2023"/>{{Rp|page=168}}

Evergrande crossed all three red lines, resulting in a liquidity crisis and its later insolvency.<ref name=":Zhang" />{{Rp|page=74}} In summer of 2021, payments due on its debt, estimated in the hundreds of billions of dollars, resulted in the Evergrande liquidity crisis.<ref>{{Cite news|date=17 August 2021|title=Evergrande on course to hit record number of legal cases|website=Financial Times|url=https://www.ft.com/content/e7dac606-1d25-4034-99af-aafab24d5a4d|url-access=subscription|access-date=19 August 2021|archive-date=21 August 2021|archive-url=https://web.archive.org/web/20210821161046/https://www.ft.com/content/e7dac606-1d25-4034-99af-aafab24d5a4d|url-status=live}}</ref><ref>{{Cite news|last1=Yu|first1=Sun|last2=Mitchell|first2=Tom|last3=McMorrow|first3=Ryan|date=14 September 2021|title=China's Evergrande faces investor protests as liquidity crunch worsens|newspaper=The Irish Times|url=https://www.irishtimes.com/business/commercial-property/china-s-evergrande-faces-investor-protests-as-liquidity-crunch-worsens-1.4673761|access-date=18 September 2021|archive-date=9 April 2023|archive-url=https://web.archive.org/web/20230409234624/https://www.irishtimes.com/business/commercial-property/china-s-evergrande-faces-investor-protests-as-liquidity-crunch-worsens-1.4673761|url-status=live}}</ref><ref>{{Cite web|date=31 August 2021|title=Heavily indebted Chinese developer Evergrande warns of default risk|url=https://www.ft.com/content/e870dd10-223c-411e-9e72-53c3b8e609b6|url-access=subscription|website=Financial Times|access-date=14 September 2021|archive-date=22 September 2021|archive-url=https://web.archive.org/web/20210922191118/https://www.ft.com/content/e870dd10-223c-411e-9e72-53c3b8e609b6|url-status=live}}</ref><ref>{{Cite news|last=Farrer|first=Martin|date=20 September 2021|title=Shares in China's Evergrande plunge again as fears of contagion grow|work=The Guardian|url=https://www.theguardian.com/world/2021/sep/20/shares-in-chinas-evergrande-plunge-again-as-fears-of-contagion-grow|access-date=20 September 2021|archive-date=7 April 2023|archive-url=https://web.archive.org/web/20230407160044/https://www.theguardian.com/world/2021/sep/20/shares-in-chinas-evergrande-plunge-again-as-fears-of-contagion-grow|url-status=live}}</ref><ref>{{Cite news|date=2021-09-16|title=Evergrande Market Fallout Grows as Local Unit Halts Bond Trading|work=Bloomberg News|url=https://www.bloomberg.com/news/articles/2021-09-16/evergrande-market-fallout-grows-as-local-unit-halts-bond-trading|url-access=subscription|access-date=17 September 2021|archive-date=3 February 2022|archive-url=https://web.archive.org/web/20220203014232/https://www.bloomberg.com/news/articles/2021-09-16/evergrande-market-fallout-grows-as-local-unit-halts-bond-trading|url-status=live}}</ref> This was one of the reasons for a drop in many stock market indices on 20 September 2021.<ref>{{Cite news|last=Doorn|first=Philip van|title=Here are the worst-performing U.S. stocks as the Evergrande crisis rattles investors|url=https://www.marketwatch.com/story/here-are-the-worst-performing-u-s-stocks-as-the-evergrande-crisis-rattles-investors-11632149039|access-date=2021-09-22|website=MarketWatch|language=EN-US|archive-date=22 September 2021|archive-url=https://web.archive.org/web/20210922173741/https://www.marketwatch.com/story/here-are-the-worst-performing-u-s-stocks-as-the-evergrande-crisis-rattles-investors-11632149039|url-status=live}}</ref>

On 15 October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's auditing of Evergrande. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a growing concern. Evergrade itself reported concerns as to continuing operations in its half-year accounts for 2021.<ref>{{Cite news|last=John|first=Alun|date=15 October 2021|title=Hong Kong audit watchdog investigating Evergrande and PwC|language=en-US|work=Reuters|url=https://www.reuters.com/world/china/hong-kong-audit-watchdog-investigating-evergrandes-2020-accounts-2021-10-15/|access-date=25 October 2021}}</ref><ref>{{Cite news|last=Foy|first=Simon|date=15 October 2021|title=Hong Kong watchdog to investigate PwC audit of Evergrande accounts|work=The Telegraph|url=https://www.telegraph.co.uk/business/2021/10/15/hong-kong-watchdog-investigate-pwc-audit-evergrande-accounts/|access-date=25 October 2021}}</ref>

On 21 October 2021, Evergrande announced that a $2.6 billion asset sale that would have been used to pay an $83 million interest payment it missed in September, 2021 had failed to close.<ref>{{Cite web|date=2021-10-21|title=Evergrande Shares Drop after $2.6b Deal Fails - October 21, 2021|url=https://dailynewsbrief.com/2021/10/21/evergrande-shares-drop-after-2-6b-deal-fails/|access-date=2021-10-21|website=Daily News Brief|language=en-US|archive-date=24 January 2022|archive-url=https://web.archive.org/web/20220124220756/https://dailynewsbrief.com/2021/10/21/evergrande-shares-drop-after-2-6b-deal-fails/|url-status=live}}</ref> On 10 November 2021, Evergrande defaulted on 3 more bonds after missing the grace period for interest payments.<ref>{{Cite web|title=Evergrande officially defaulted - DMSA is preparing bankruptcy proceedings against Evergrande Group|url=https://www.prnewswire.com/news-releases/evergrande-officially-defaulted---dmsa-is-preparing-bankruptcy-proceedings-against-evergrande-group-301421327.html|date=2021-11-10|website=www.prnewswire.com|language=en|access-date=10 November 2021|archive-date=10 November 2021|archive-url=https://web.archive.org/web/20211110170525/https://www.prnewswire.com/news-releases/evergrande-officially-defaulted---dmsa-is-preparing-bankruptcy-proceedings-against-evergrande-group-301421327.html|url-status=live}}</ref> A major news outlet reported they fulfilled the payments after the deadline.<ref>{{Cite web|date=2021-11-11|title=Evergrande pays overdue interest but faces deadline on US$366 million|url=https://www.scmp.com/business/banking-finance/article/3155642/no-respite-evergrande-it-faces-us366-million-interest |last1=Bray |first1=Chad |last2=Liu |first2=Pearl |publisher=South China Morning Post|language=en |archive-url=https://web.archive.org/web/20211111113747/https://www.scmp.com/business/banking-finance/article/3155642/no-respite-evergrande-it-faces-us366-million-interest |archive-date=2021-11-11 |url-status=live}}</ref>

In November 2021, although the scale of debt was huge, from the perspective of financial data alone, Evergrande had not yet reached the point of "insolvency". According to the aforementioned financial report, Evergrande's land reserve was worth RMB 456.8 billion, and together with 146 old reform projects, the total value of the land reserve was nearly RMB 2 trillion. In addition, there are many completed commercial properties and holdings, such as the headquarters building in Hong Kong, worth around RMB 10 billion.<ref>{{Cite web |date=2021-09-15 |title=恒大危机背后可能被忽略的四大问题 |trans-title=Four Key Issues Behind the Evergrande Crisis That May Have Been Overlooked. |url=https://www.bbc.com/zhongwen/simp/chinese-news-58578367 |url-status=live |archive-url=https://web.archive.org/web/20211001115018/https://www.bbc.com/zhongwen/simp/chinese-news-58578367 |archive-date=1 October 2021 |access-date=2021-11-29 |website=BBC News 中文 |language=zh-hans}}</ref><ref>{{Cite news |title=四位学者把脉恒大危机后中国经济的主要隐患 |trans-title=Four Scholars Diagnose the Main Hidden Risks of China's Economy After the Evergrande Crisis. |url=https://www.bbc.com/zhongwen/simp/chinese-news-58953048 |url-status=live |archive-url=https://web.archive.org/web/20211129163939/https://www.bbc.com/zhongwen/simp/chinese-news-58953048 |archive-date=29 November 2021 |access-date=2021-11-29 |work=BBC News 中文 |language=zh-hans}}</ref>

On 17 December 2021, Evergrande was officially declared to be in default by S&P Global after missing a bond payment earlier in the month.<ref>{{cite web |title=S&P dumps Chinese property giant Evergrande into default |url=https://www.reuters.com/world/china/sp-dumps-chinese-property-giant-evergrande-into-default-2021-12-17/ |publisher=Reuters |date=17 December 2021 |access-date=20 December 2021 |archive-date=2 August 2022 |archive-url=https://web.archive.org/web/20220802223721/https://www.reuters.com/world/china/sp-dumps-chinese-property-giant-evergrande-into-default-2021-12-17/ |url-status=live }}</ref> On 3 January 2022, Evergrande shares were suspended from trading, without a reason being provided by the company.<ref>{{cite web |title=Embattled China Evergrande shares halt trading |url=https://www.reuters.com/markets/europe/china-evergrande-shares-halt-trading-2022-01-03/ |publisher=Reuters |date=2 January 2022 |access-date=3 January 2022 |archive-date=3 January 2022 |archive-url=https://web.archive.org/web/20220103024853/https://www.reuters.com/markets/europe/china-evergrande-shares-halt-trading-2022-01-03/ |url-status=live }}</ref> Trading resumed a day later and its stock price rose by 10%.<ref>{{cite web |date=4 January 2022 |title=Evergrande shares rise as they resume trading after suspension |url=https://www.theguardian.com/business/2022/jan/04/evergrande-shares-rise-as-they-resume-trading-after-suspension |access-date=2022-02-03 |website=the Guardian |archive-date=27 July 2022 |archive-url=https://web.archive.org/web/20220727031008/https://www.theguardian.com/business/2022/jan/04/evergrande-shares-rise-as-they-resume-trading-after-suspension |url-status=live }}</ref> On 15 March 2022, Evergrande's share price sank to a new all-time low of HK$1.16 (US$0.15), down from a high of over HK$31 in October 2017.<ref>{{Cite web |title=3333 Stock Price {{!}} China Evergrande Group Stock Quote (Hong Kong) |url=https://www.marketwatch.com/investing/stock/3333?countrycode=hk |access-date=2022-03-15 |website=MarketWatch |language=en |archive-date=15 March 2022 |archive-url=https://web.archive.org/web/20220315082325/https://www.marketwatch.com/investing/stock/3333?countryCode=hk |url-status=live }}</ref>

On 30 March 2022, Evergrande announced the decision to sell its Crystal City Project in Hangzhou for 3.66 billion yuan to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group, using the proceeds to repay construction debt of 920.7 million yuan to Zhejiang Construction Engineering. The deal is expected to post a gain of about 216 million yuan.<ref>{{Cite news |date=2022-03-30 |title=China Evergrande to sell Crystal City Project for $575 mln |language=en |work=Reuters |url=https://www.reuters.com/business/china-evergrande-sell-stake-crystal-city-project-575-mln-2022-03-30/ |access-date=2022-03-30 |archive-date=30 March 2022 |archive-url=https://web.archive.org/web/20220330110548/https://www.reuters.com/business/china-evergrande-sell-stake-crystal-city-project-575-mln-2022-03-30/ |url-status=live }}</ref>

In January 2023, PwC quit in disagreement over the audit of Evergrande's 2021 accounts.<ref>{{Cite news |date=17 January 2023 |title=China Evergrande's auditor PwC quits over 2021 audit-related matters Reuters |url=https://www.reuters.com/world/china/china-evergrandes-auditor-quits-disagreement-around-2021-audit-related-matters-2023-01-16/ |access-date=2024-03-20}}</ref>

In July 2023 it became known that Evergrade made a loss of 476 billion yuan in 2021 and 106 billion yuan in 2022.<ref name=liang>{{Cite news |date=2023-07-18 |title=Evergrande: Crisis-hit Chinese property giant reveals $81bn loss|first=Annabelle|last=Liang|language=en-GB |publisher=BBC News |url=https://www.bbc.com/news/business-66229701|archive-date=30 January 2024 |archive-url=https://web.archive.org/web/20240130130409/https://www.bbc.com/news/business-66229701 |url-status=live }}</ref>

On 17 August 2023, Evergrande filed for Chapter 15 bankruptcy in New York.<ref name=delouya/>

On 28 September 2023, trading in Evergrande shares was suspended after a report was released stating that its chairman, Hui, was under police investigation for suspicion of crimes.<ref>{{Cite news |date=2023-09-28 |title=China Evergrande chairman under scrutiny on suspicion of illegal crimes |language=en-GB |work=Reuters |url=https://www.reuters.com/world/china/china-evergrandes-chairman-hui-is-under-police-surveillance-bloomberg-news-2023-09-27/ |access-date=2023-07-18 |archive-date=27 September 2023 |archive-url=https://web.archive.org/web/20230927095739/https://www.reuters.com/world/china/china-evergrandes-chairman-hui-is-under-police-surveillance-bloomberg-news-2023-09-27/ |url-status=live }}</ref>

In February 2024, Evergrande liquidators prepared for a potential lawsuit against its former auditor PwC.<ref>{{Cite news |date= 17 February 2024 |title=China Evergrande's liquidators prepare to sue PwC over audits, FT reports |url=https://www.reuters.com/legal/china-evergrandes-liquidators-prepare-sue-pwc-over-audits-ft-reports-2024-02-17/ |work=Reuters}}</ref>

In September 2024 the Chinese authorities suspended PwC from operating in China for six months and fined the company {{currency|441m|CNY}} (US$62 million).<ref>{{Cite news|url=https://www.bbc.com/news/articles/cje2ejnwwx9o|title=UK accounting giant PwC faces six-month China ban|last=Hooker|first=Lucy|date=13 September 2024|work=BBC News|access-date=14 September 2024}}</ref><ref>{{Cite news |last=Kollewe |first=Julia |date=2024-09-13 |title=China gives PwC record £47m fine and six-month ban over Evergrande |url=https://www.theguardian.com/business/2024/sep/13/china-pwc-47m-fine-six-month-ban-evergrande-audit |access-date=2024-11-11 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> {{As of|2025|6}} at least 30 PwC partners in Hong Kong had left the company or were expected to, and 77 partners in mainland China had left since December 2024.<ref>{{cite news| first=Sathya |last=Jameson| title=PwC partner exits amid repercussions from Evergrande audit | website=International Accounting Bulletin | date=3 June 2025 | url=https://www.internationalaccountingbulletin.com/news/pwc-faces-partner-exits-evergrande-audit/}}</ref>

==See also== *Real estate in China

==References== {{reflist}}

==External links== * {{Commons category-inline}} {{Finance links | name = China Evergrande Group | google = 3333:HKG | yahoo = 3333.HK | bloomberg = 3333:HK | symbol = EGRNF }}

Category:2009 initial public offerings Category:Civilian-run enterprises of China Category:Companies based in Guangzhou Category:Companies listed on the Hong Kong Stock Exchange Category:Companies that have filed for Chapter 15 bankruptcy Category:Real estate companies established in 1996 Category:Real estate companies of China Category:Companies that have filed for bankruptcy in China Category:Chinese companies disestablished in 2024 Category:Chinese companies established in 1996