What really happened to "EVERGRANDE"??

EVERGRANDE, a company which started selling bottled water in 1996 enter the real estate sector, became one of the largest real estate developers in China with its headquarters in Shenzhen. It is the one of the world's biggest businesses by revenue. It has expanded to about 250 cities in China selling skyscraper buildings and apartments.Apart from the housing sector, the company invested in e-vehicles, sports, food and beverages and other goods. It also established theme parks by name "Fairyland" and took possession of ocean flower island in Hainan known famously as "Chinese Hawaii". It directly or indirectly engages nearly 3.8 million jobs every year. The company had a favourite presence in the capital market of Hong Kong.

Fall of the Empire

The fall of the giant started when the company deviated too far from its core business. But the crisis of Evergrande did not surface on a fine morning; it was brewing for a long time. Regulators were warning about its huge debts liabilties that doubled up during the period from 2016 to 2020 to about 305 billion dollars. Company could somehow cover it up until recently when the group failed to pay even the interest on a two billion dollar bond that matured. Its failed to rais funds to pay its lenders, banks, suppliers of materials, investors and bond holders in the midst of increased borrowing to finance its activities. Its debt liabilities are spread among 128 Banks. Today it is the world's largest indebted real estate company. Buyers shid away from purchasing the group's apartments, assets and e-vehicles for various reasons. The reasons include slowdown in China's property market and tapering demand for new houses. Nearly 800 unfinished buildings are waiting for home buyers apart from a large number of half-finished homes