The real status quo of Evergrande Group

Once a real estate giant, it is now mired in debt, which is the status quo of Evergrande Group.

Xu Jiayin, the founder of this company, was once one of the richest men in China. However, in 2023, Evergrande announced an amazing debt figure. In the past 10 years, Xu Jiayin made huge profits through the dividend policy of Evergrande. However, the recent debt crisis has put a heavy burden on Xu Jiayin.

The huge debt of Evergrande Group has seriously affected the domestic economic development and brought great impact to the real estate market. This not only affects the operation and development of Evergrande Group itself, but also brings great pressure to the national economy and real estate market. As a giant in China's real estate industry, Evergrande's debt problem has caused anxiety and panic in the market.

The debt crisis has brought great impact to Evergrande Group, and also brought bad demonstration effect to the whole real estate industry. As an important pillar industry of the national economy, the real estate industry is facing great uncertainty and challenges in the face of the debt crisis.

Development history

On the evening of June 16, Evergrande Real Estate (03333.HK) announced that it would launch a special resolution at the annual general meeting on June 16 to change the Chinese name of the company from "Evergrande Real Estate Group Co., Ltd." to "China Evergrande Group". If it is renamed successfully, Evergrande will be a private enterprise that rarely uses Chinese prefix, which was only the patent of the giant of central enterprises in the past.

For this name change, the official explanation of Evergrande is that the company's business has become more diversified in recent years. In addition to the traditional real estate development business, it also actively expands industries such as finance, Internet, medical care, culture and tourism. Although property development is still the core business of the Company, the directors believe that the proposed change of company name will better reflect the diversified business strategy and corporate image of the Company.

Reference to the above content: Baidu Encyclopedia-China Evergrande Group