Evergrande

2024

Estimated overestimation of the company's revenues by $78 billion in 2019-2020

The alleged overstatement of China Evergrande Group revenues by $78 billion in 2019-2020 aggravated the legal problem of the company's founder Hui Ka Yang, who is now at the center of one of the largest financial fraud cases in history.

Hong Kong court rules to liquidate China Evergrande

A Hong Kong court has ordered the liquidation of China Evergrande, opening a new and unpredictable stage in the collapse of the world's most indebted developer. The company was unable to agree on a restructuring plan with creditors.

While Evergrande's stock is listed in Hong Kong, nearly all of its assets and the vast majority of its more than $300 billion in liabilities are in mainland China. The judge's ruling would allow the liquidator to try to take control of Evergrande's assets outside China, including Hong Kong-listed subsidiaries.

Evergrande liabilities amount to about $327 billion

Evergrande's liabilities for January 2024 are about $327 billion.

2023

The court postponed the decision on the liquidation of the company

In early December 2023, China Evergrande Group was given the opportunity to conclude a restructuring agreement with creditors after a Hong Kong court again postponed the decision on whether to liquidate the world's most loaned developer. The case was adjourned until January 29, 2024. The applicant for liquidation did not insist on a decision on Monday.

Company chief billionaire Hui Ka Yan taken under police control

[1] Hui Ka Yan, a billionaire who heads the distressed China Evergrande Group, has been taken under police control, Bloomberg sources said. Hui was taken away by Chinese police in early September 2023.

Chinese property tycoons' fortunes plummet

That further reinforces questions about Evergrande's fate after failures to implement the company's restructuring plan in late September sent financial markets tumbling and raised the risk of the company going into liquidation.

Total losses of China Evergrande Group for two years amounted to more than $81 billion

The loss attributable to shareholders was RMB105.9 billion ($14.8 billion). US) for the full year of 2022, adding to a loss of 476 billion yuan for the previous year, the company said.

The company's sales volume compared to a competitor. Data for 2023 for the first half of the year

The release of the financial statements allows Evergrande to move one step closer to resuming trading operations after the March 2022 suspension. In addition, offshore bondholders will have something to digest when considering the company's debt restructuring proposal.

Evergrande expects to apply to the court at the end of July to continue implementing the plan.

Dynamics of capitalization of the company and its main competitor

Unlike Evergrande, which has been ruined by wasteful habits, Country Garden's problems stem from investors and homebuyers leaving the industry.

Reduction of 12% of personnel to 109 thousand employees

2021: Evergrande's founder, billionaire Hui Ka Yan paid $1 billion of her debts from her own funds

In November 2021, Evergrande founder, billionaire Hui Ka Yan paid part of the debts of China's most loaned developer from his own funds. He raised more than $1 billion through the sale of elite real estate and works of art and calligraphy from his collection. The Chinese authorities demanded that he pay the company's debts out of pocket.