The China Evergrande Group is a Chinese property developer, and the second largest in China by sales.[3] 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.[4] It was founded in 1996 by Hui Ka Yan (Xu Jiayin). It sells apartments mostly to upper- and middle-income dwellers.[5] In 2018, it became the most valuable real estate company in the world,[6] but by 2021 it had collapsed financially and started the 2020–2023 Chinese property sector crisis.
On 17 August 2023, Evergrande Group filed for bankruptcy in New York.[7] On 3 December, The New York Times reported that a Hong Kong bankruptcy court could order liquidation of the firm as soon as the next day.[8]
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