Recently, Hong Kong developer Evergrande admitted that it is under pressure to pay a mammoth $300 billion debt.
Background of Evergrande
In 1996 Hui Ka Yan started Hengda Group. The company later changed its name to Evergrande. According to Forbes, the developer company is number 122 in the world by revenue. It is also China's second-largest property developer. It rose in 2018 to become the world's most valuable real estate company.
Evergrande sells apartments to upper and middle-class property buyers. The firm developed projects in over 170 Chinese cities and employs over 200,000 workers.
Apart from real estate, Evergrande is involved in sports. In March 2010, it acquired Guangzhou FC. It even went on to build the Guangzhou Evergrande Football Stadium.
In 2015 it formed Ev...