Slowing growth has seen it branch into businesses such as insurance, bottled water, football and electric vehicles (EVs). It employed 163,119 staff as of June-end, its interim report showed. It listed in Hong Kong in 2009.Įvergrande grew rapidly through a loan-supported land-buying spree and selling apartments quickly at low margins. It is China’s second-largest property developer, with $110 billion in sales last year, $355 billion in assets and more than 1,300 developments nationwide.

Cash-strapped real estate giant China Evergrande is on the precipice facing a formal default after it was reported some offshore bondholders did not receive coupon payments by the end of a 30-day grace period.įailure to make $82.5 million in interest payments that were due last month would trigger a cross-default on the firm’s roughly $19 billion of international bonds and put the ailing developer at risk of becoming China’s biggest-ever defaulter.Ĭhairman Hui Ka Yan founded Evergrande in Guangzhou in 1996.

Gross beat banks