The Shenzhen-based company tapped the bond markets nearly 40 times in a four-year period and amassed hundreds of billions of yuan in bank loans as it sought to expand its core residential housing business and diversify the scope of its operations.
A Hong Kong court on Monday ordered Evergrande to be wound up after more than two years since defaulting on its debts, marking another grim milestone for Hui Ka Yan, once Asia’s richest person.
China Evergrande Group: China Evergrande has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed.
The IMF has warned that China’s financial stability is in danger as the country s real estate market continues to spiral out of control, leading the agency to lower its growth estimates for the country.