Evergrande

https://www.evergrande.com/ - China’s 2nd largest property developer Evergrande files for Chapter 15 bankruptcy! Evergrande has posted losses of $81 Billion over the last 2 years, with $340 Billion of debt at the end of 2022 (2% of China’s entire GDP). Evergrande has borrowed heavily and also defaulted on its debt in 2021.

Xu Jiayin (许家印), founder of China Evergrande Group and former China’s richest man, was sentenced to life in prison by a Shenzhen court today. https://x.com/tongbingxue/status/2090290990242517345

Evergrande Will Be Dismantled, a ‘Big Bang’ End to Years of Stumbles - After multiple delays and even a few faint glimmers of hope, a Hong Kong court has sounded the death knell for what was once China’s biggest real estate firm - https://www.nytimes.com/2024/01/28/business/china-evergrande.html - Evergrande epitomized the rise of China’s property frenzy, building developments like Evergrande Mansions in Guangdong. Over borrowing led to its collapse.