China Evergrande Group
3333.HK
Hong Kong Stock Exchange0.16
HKD
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China Evergrande Group
3333.HK
(Hong Kong Stock Exchange)
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0.16
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- Business
- China Evergrande Group (3333.HK) is a Cayman Islands-incorporated conglomerate primarily engaged in property development, investment, management, and construction services; new energy vehicle manufacturing under the Evergrande New Energy Auto Group and Hengchi brand; property management services via Evergrande Property Services Group; cultural tourism and recreation developments including Ocean Flower Island with attractions such as Fairyland, Water Kingdom, Ocean Park, and themed hotels; health and wellness projects like Evergrande Health Valley; and other sectors encompassing network services, sports, entertainment, finance, and consumer goods. The company develops high-quality residential communities, boutique apartments targeting upper- and middle-income buyers, commercial properties, theme parks, industrial parks, and infrastructure including schools, hospitals, and high-speed rail facilities, with operations spanning over 280 cities in mainland China and select international elements. Founded in 1996 and headquartered at Houhai Financial Center in Shenzhen, Guangdong Province, China, it previously ranked as the second-largest property developer in China by sales and managed over 1,300 real estate projects, 3,000 property management assignments covering more than 500 million square meters, and tourism resorts integrating dining, shopping, entertainment, and conferences. In recent major developments, the company entered liquidation proceedings ordered by a Hong Kong court on January 29, 2024, following failure to present a viable offshore debt restructuring plan amid liabilities exceeding $300 billion, with liquidators from Alvarez & Marsal assuming control of global subsidiaries to sell assets for creditor repayment. Trading of its shares was suspended in early 2024 and culminated in delisting from the Hong Kong Stock Exchange on August 25, 2025, after an 18-month deadline expired without resolution, marking the end of its public listing status. In 2024, the China Securities Regulatory Commission fined the group and its subsidiary Hengda Real Estate 4.2 billion yuan ($584 million) for overstating revenues by nearly $78 billion across 2019-2020, alongside ongoing asset disposals including bids for Evergrande Property Services by state-owned enterprises like China Overseas Group and failed sales such as the Crystal City project. Liquidators reported taking control of over 100 group entities valued at $3.5 billion as of early 2024, with founder Hui Ka Yan's assets under preservation orders and criminal investigations into executives for financial misconduct. Despite these challenges, the company prioritized delivery of over 1.2 million pre-sold homes in recent years, focusing on completing unfinished projects amid China's property sector deleveraging.