12 Facts About Evergrande Group

China Evergrande Group is the second largest property developer in China by sales.

Formerly called the Hengda Group, Evergrande was founded by Xu Jiayin in the southern Chinese city of Guangzhou in 1996, during a period of mass urbanization in China.

Later in November 2019, Evergrande Group announced that it would invest ¥45 billion over the following three years to develop new energy vehicles, build three production bases in Nansha, Guangzhou and Shanghai, and launch electric vehicles branded as "Evergrande Group New Energy Vehicle" in 2020, creating the Hengchi electric vehicle brand.

Evergrande Group NEV has stated that it will start making electric cars by 2022.

In March 2015, Evergrande acquired New Media Group Holdings and renamed it Evergrande Health.

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Later in 2021, Evergrande Group sold off its remaining stake in HengTen, ending their relationship with Tencent.

In 2014, Evergrande Group launched its "Hengda Bingquan" mineral water brand and invested ¥5.

In September 2016, after a loss of ¥4 billion, Evergrande Group sold its agribusiness units, which included its mineral water brand, dairy business, and grain and oil business, for ¥2.

Later that year, Evergrande Group announced it was investing ¥300 million to build more than 110 pig farms in southwestern Guizhou province.

On 10 November 2021, Evergrande Group defaulted on 3 more bonds after missing the grace period for interest payments.

On 3 January 2022, Evergrande Group shares were suspended from trading, without a reason being provided by the company.

On 30 March 2022, Evergrande Group announced the decision to sell its Crystal City Project in Hangzhou for 3.