Evergrande Group

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. 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. In 2018, Evergrande became the most valuable real estate company in the world, but by 2021 it had collapsed financially and started the Chinese property sector crisis under Xi Jinping's policy. The company eventually filed for bankruptcy in the United States in 2023. On 29 January 2024, the company was wound up by the High Court of Hong Kong. On 24 August 2025, Evergrande was delisted from the Stock Exchange of Hong Kong (SEHK) after more than 15 years of trading, following years of financial distress, missed debt payments and an ongoing restructuring process. On 20 August 2026, Hui Ka Yan was sentenced to life in prison and ordered to forfeit all personal assets.