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    Here's what to know about the collapse of China's Evergrande property developer

    In 2018, Evergrande was listed as the world's most valuable real estate company. But on Monday, a Hong Kong court ordered it to be liquidated.
    by Scott Neuman Jan 30, 2024 4 minutes
    At a partially operating Evergrande commercial complex in Beijing on Monday, a man walks past a map of China that shows Evergrande's commercial complexes throughout the country. Evergrande was once listed as the world's most valuable real estate company, but on Monday, a Hong Kong court ordered it to be liquidated.

    A Hong Kong court has ordered the liquidation of the Evergrande Group, China's giant and massively indebted real estate developer, after the company was unable to restructure the $300 billion it owed investors.

    Just six years ago, Evergrande was riding high, preselling apartments to middle- and upper-income Chinese. In 2018, it was listed as the world's most valuable real estate company. But just three years later, it was on the financial ropes. Massively overleveraged and unable to complete some existing projects, Evergrande has become symbolic of a Chinese economy that faces some major near-term obstacles: slowing growth, increasing debt and a shrinking workforce.

    Evergrande had been seeking a $23 billion debt restructuring plan, but that fell apart last year when the company's billionaire for unspecified criminal behavior.

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