The China Evergrande Group is the second largest property developer in China by sales. It is ranked 122nd on the Fortune Global 500. 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. It was founded in 1996 by Xu Jiayin. It sells apartments mostly to upper- and middle-income dwellers. In 2018, it became the most valuable real estate company in the world.
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.