Evergrande Group is China's second-largest property developer by sales.
Evergrande, founded in February, 1997 and headquartered in Shenzhen, is a Fortune Global 500 enterprise group based on Minsheng Real Estate, with cultural tourism, health and wellness as two wings, and high-tech industry as the leader. The founder is Xu Jiayin. Listed on the HKEX on November 5, 2009, the company's major shareholders are Guangzhou Chiron Real Estate Co., Ltd. Rivals that have direct and indirect competition with Evergrande include Country Garden, Vanke, Simon Property, American Tower, etc.
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Real estate has long been the stimulus behind China's rapid economic development. House-buying became an investment as prices soared, thus resulting in overbuild. Evergrande's downfall signals the halt on China's reliance on its real estate sector as the country seeks to regulate and strengthen the economy and its foundation.
Nov 08, 2021 09:42 AM