Evergrande Group

Established in 1996 by Xu Jiayin, Evergrande Group is a Chinese real estate developer with ventures in real estate, finance, Internet, health, tourism, culture. and sports.

The company owns Evergrande Real Estate, Evergrande New Energy Automobile, Evergrande Property, Evergrande Network, RVB, Evergrande Children's World, Evergrande Health, and Evergrande Bingquan. The company also owns Ruyi Pictures, a domestic film and television production company. The group established an online and offline omni-channel transaction service platform for real estate and automobiles. In 2010, the company bought a soccer team, known as Guangzhou Evergrande. The team built a large soccer school, at a cost of $185 million to Evergrande. Other projects include the following:

• Evergrande Children's World is an entirely indoor, all-weather, and all-season, large-scale theme park with a cultural tourist attraction called "China Hainan Sea Flower Island".
• Evergrande Health Group, known for "Hengda Health Valley", is a health care and elderly care service that offers their users all-round health services.
• Evergrande Bingquan Group provides green products in fourteen series in four major sectors: mineral water, grain and oil, dairy and fresh food.

Evergrande's debts increased as it borrowed to finance its diverse pursuits and has about $300 billion worth of liabilities. In 2021, the company warned investors of cash flow issues, saying that it could default if it's unable to raise money quickly. In September 2021, Evergrande disclosed in a stock exchange filing that it was having trouble finding buyers for some of its assets. The amount of interest it owed on the bond is about 232 million yuan ($36 million). Interest worth $83.5 million on a dollar-denominated bond also fell due in September.To avoid defaulting on debts, Evergrande Group announced plans to sell a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank Co Ltd to a state-owned asset management company.