Evergrande Group

Last updated

China Evergrande Group
中国恒大集团
Company typePublic
SEHK:  3333
OTC Pink: EGRNQ
Industry Real estate
Founded1996;28 years ago (1996)
Founder Hui Ka Yan (Xu Jiayin)
Headquarters
Shenzhen, Guangdong
,
China
Area served
 Mainland China
Key people
 Hui Ka Yan (Chairman)
RevenueIncrease2.svg CN¥507.250 billion [1]
(US$77.713 billion, 2020)
Decrease2.svg CN¥63.520 billion [1]
(US$9.732 billion, 2020)
Decrease2.svg CN¥8.076 billion [1]
(US$1.238 billion, 2020)
Total assets Increase2.svg CN¥2,301 trillion [1]
(US$306.410 billion, 2020)
Total equity Decrease2.svg CN¥350.431 billion [1]
(US$53.687 billion, 2020)
Number of employees
123,276 [2] (31 December 2020)
Subsidiaries Hengda Real Estate Evergrande New Energy Auto
Website www.evergrande.com
-476,035,000,000
China Evergrande Group
Simplified Chinese 中国恒大集团
Traditional Chinese 中國恆大集團
Transcriptions
Standard Mandarin
Hanyu Pinyin Zhōngguó Héngdà Jítuán
Wade–Giles Heng2-ta4 Chi2-t'uan2
Yue: Cantonese
Yale Romanization jūng gwok hàhng daaih jaahp tyùhn
Jyutping zung1 gwok3 hang4 daai6 zaap6 tyun4
IPA [hɐŋ˩.taj˨.tsap̚˨.tʰyn˩]
2,107,096,000,000-473,054,000,000
2022 [79] 230,067,000,000-105,914,000,0001,838,338,000,000-599,074,000,000

Financial problems and audits

In 2016, the Hong Kong Market Misconduct Tribunal suspended American short seller and Citron Research founder Andrew Left for five years, due to the publication of a highly critical report on the company, "finding him culpable of disclosing false or misleading information inducing transactions under the Securities and Futures Ordinance (SFO) in the publication of a research report on Evergrande Real Estate Group Limited (Evergrande) in June 2012." [80] [81] [82] The trading ban "has raised concerns over freedom of speech in Hong Kong's financial markets" according to the New York Times. [83]

The Chinese government initiated a major deleveraging campaign in 2016. [84] : 74  Evergrande had been one of the most active Chinese developers in the global junk bond market, but after the 2016 campaign such avenues became more difficult for Evergrande and similarly situated developers. [84] : 74  Evergrande responded by increasing its use of supply-side finance, seeking advanced payments from customers for unfinished apartments and expanding its borrowing from suppliers and contractors. [84] : 74  The company was facing a liquidity crisis, even going so far as to encourage employees to purchase financial products from the company. [85] [84] : 74 

In 2020, CCP General Secretary Xi Jinping's government started to tighten the real estate market based on the principle that "property is to be lived in, not to be speculated on." [86] : 161  He had previously articulated this principle during the 19th Party Congress and it led to a series of financial rules known as the three red lines. [84] : 73  In an effort to curb risky borrowing by property development firms, the three red lines required that (1) develops have a liability-to-assets ratio of less than 70 percent, (2) a net gearing ratio of less than 100 percent, and (3) a cash to short-term debt ratio of at least one. [84] : 73  Companies that complied with all three rules could increase their debt by 15 percent in the next year. [84] : 73–74  New restrictions lead to a downturn in the property market, with sales declining by 30% in 2021. [86] : 168 

Evergrande crossed all three red lines, resulting in a liquidity crisis and its later insolvency. [84] : 74  In summer of 2021, payments due on its debt, estimated in the hundreds of billions of dollars, resulted in the Evergrande liquidity crisis. [87] [88] [89] [90] [91] This was one of the reasons for a drop in many stock market indices on 20 September 2021. [92]

On 15 October 2021, the accounting regulator in Hong Kong announced an investigation into PwC's auditing of Evergrande. PwC had signed off the 2020 accounts of Evergrande without reference to its uncertainties as a growing concern. Evergrade itself reported concerns as to continuing operations in its half-year accounts for 2021. [93] [94]

On 21 October 2021, Evergrande announced that a $2.6 billion asset sale that would have been used to pay an $83 million interest payment it missed in September, 2021 had failed to close. [95] On 10 November 2021, Evergrande defaulted on 3 more bonds after missing the grace period for interest payments. [96] A major news outlet reported they fulfilled the payments after the deadline. [97]

In November 2021, although the scale of debt was huge, from the perspective of financial data alone, Evergrande had not yet reached the point of "insolvency". According to the aforementioned financial report, Evergrande's land reserve was worth RMB 456.8 billion, and together with 146 old reform projects, the total value of the land reserve was nearly RMB 2 trillion. In addition, there are many completed commercial properties and holdings, such as the headquarters building in Hong Kong, worth around RMB 10 billion. [98] [99]

On 17 December 2021, Evergrande was officially declared to be in default by S&P Global after missing a bond payment earlier in the month. [100] On 3 January 2022, Evergrande shares were suspended from trading, without a reason being provided by the company. [101] Trading resumed a day later and its stock price rose by 10%. [102] On 15 March 2022, Evergrande's share price sank to a new all-time low of HK$1.16 (US$0.15), down from a high of over HK$31 in October 2017. [103]

On 30 March 2022, Evergrande announced the decision to sell its Crystal City Project in Hangzhou for 3.66 billion yuan to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group, using the proceeds to repay construction debt of 920.7 million yuan to Zhejiang Construction Engineering. The deal is expected to post a gain of about 216 million yuan. [104]

In January 2023, PwC quit in disagreement over the audit of Evergrande's 2021 accounts. [105]

In July 2023 it became known that Evergrade made a loss of 476 billion yuan in 2021 and 106 billion yuan in 2022. [106]

On 17 August 2023, Evergrande filed for Chapter 15 bankruptcy in New York. [107]

On 28 September 2023, trading in Evergrande shares was suspended after a report was released stating that its chairman, Hui, was under police investigation for suspicion of crimes. [108]

In February 2024, Evergrande liquidators prepared for a potential lawsuit against its former auditor PwC. [109]

In September 2024 the Chinese authorities suspended PwC from operating in China for six months and fined the company CN¥  441,000,000 (US$62 million). [110] [111]

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