The Evergrande Group or the Evergrande Real Estate Group (previously Hengda Group) is China’s second-largest property developer by sales. It is based in southern China’s Guangdong Province, and sells apartments mostly to upper and middle-income dwellers.
The company is incorporated in the Cayman Islands.
Formerly called the Hengda Group, Evergrande was founded by Xu Jiayin in the southern Chinese city of Guangzhou in 1996.
In October 2009 the company raised $722 million in an initial public offering on the Hong Kong Stock Exchange.
The group bought football club Guangzhou Evergrande F.C. in 2010 and invested heavily, and under Marcello Lippi they won the 2013 AFC Champions League. The group has a mineral water brand Evergrande Spring (恒大冰泉) and a football tutoring school.
In recent years Chinese property developers like Evergrande and Dalian Wanda have made forays into “alternative, income-generating businesses away from the property market”. For example, Evergrande has expanded into solar panels, pig farming, agribusiness, and baby formula.
The firm now has projects in over 170 cities in the country. It is one of the ten largest real estate developers in Mainland China, and one of the five largest real estate developers in Guangdong Province, the other four being Country Garden, Guangzhou R&F Properties, Hopson Development, and Agile Property.
It currently owns 45.8 million square metres of development land and real estate projects in 22 cities (Guangzhou, Tianjin, Shenyang, Wuhan, Kunming, Chengdu, Chongqing, Nanjing, Zhengzhou, Luoyang, Changsha, Nanning, Xian, Taiyuan, Guiyang, etc.) in Mainland China, which ranks second among the Mainland real estate developers, just after Country Garden.
Alibaba CEO Jack Ma has a minority share of the company.
As of 2016, owner Xu Jiayin was the eighth richest Chinese man, worth $4.9 billion.
The under-construction Ocean Flower Island, located in Hainan, is one of their major projects.
The Hong Kong Securities and Futures Commission suspended an American investor who criticized the company, which “has raised concerns over freedom of speech in Hong Kong’s financial markets.” In the other hand, the SFC suspended him from trading in Hong Kong stocks for 5 years due to his report involve deformation, false information, and conflict of interest that he short selling the company.