The China Evergrande Group (Evergrande) is a Chinese property developer, the second largest in China by sales. It sold apartments mostly to upper- and middle-income dwellers. Founded in 1996 and raised almost 800 million USD in shares during their 2009 IPO, Evergrande's debt payments, starting in 2021, had significantly stalled due to issues with financial management.
With Evergrande's total debts estimated in the hundreds of billions of dollars, and failing to restructure its debt for a number of times, a Hong Kong Court recently ordered that the company is liquidated (a term in business that means the direct conversion of assets to cash or cash equivalents by selling them to a user or consumer).