Hui based Evergrande (previously referred to as the Hengda Group) in 1996 within the southern metropolis of Guangzhou and expanded the real-estate developer, largely by borrowing. Evergrande Actual Property owns greater than 1,300 initiatives in additional than 280 cities, in keeping with an organization web site. The group now goes far past homebuilding, with investments in electrical automobiles (Evergrande New Power Auto), an web and media manufacturing unit (HengTen Networks), a theme park (Evergrande Fairyland), a soccer membership (Guangzhou F.C.) and a mineral water and meals firm (Evergrande Spring), amongst others. It reported an adjusted core revenue of 30.1 billion yuan ($4.7 billion) for 2020, the second annual drop in a row, and income missed analysts’ estimates.
https://www.washingtonpost.com/enterprise/what-is-china-evergrande-and-why-is-it-in-trouble/2021/09/14/f66ff79c-1525-11ec-a019-cb193b28aa73_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business | What Is China Evergrande and Why Is It In Bother?