The Evergrande Crisis in China

Case Code: FINC197
Case Length: 16 Pages
Period: 2020- 2021
Pub Date: 2022
Teaching Note: Available

Price: Rs.400
Organization: Evergrande Group
Industry: Real Estate
Countries: China
Themes: Corporate Finance, Capital Structure

Abstract Case Intro 1 Case Intro 2 Excerpts

Introduction

In October 2021, the Evergrande Group (Evergrande), China’s second largest property developer, was declared as the country’s largest defaulter with more than US$ 300 billion of debt after missing three rounds of interest payments on its dollar bonds due April 2022 (US$ 68.88 million), April 2023 (US$ 42.50 million), and April 2024 (US$ 36.75 million). In the month of September 2021, the company also missed two other interest payment on dollar bonds (due March 2022 (US$ 83.5 million), and March 2024 (US$ 45.17 million)). To generate more cash, the company started divesting some of its assets so that it could repay its creditors..

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