China Evergrande Group, once China's largest property developer, missed offshore bond payments in 2021 and was declared in default. After failed restructuring attempts and the detention of founder Hui Ka Yan, a Hong Kong court ordered it wound up in January 2024. China's securities regulator fined its onshore unit over fraudulent bond issuance and disclosure violations, the shares were delisted in 2025 and a Shenzhen court sentenced Hui to life in prison in 2026.
Evergrande remains in liquidation in Hong Kong. In October 2026 the liquidators reported recovering about 435.9 million dollars against claims of about 46 billion dollars and targeted a first interim dividend in the first half of 2027, Reuters reported. Hui was sentenced to life in prison in Shenzhen on 20 August 2026.
Many Evergrande projects stopped construction over overdue payments to suppliers and regulators warned the company to reduce its debt risks, according to a Reuters timeline.
Evergrande missed two offshore bond coupon payments totalling 131 million dollars, which still had a 30 day grace period, and hired financial advisers, Reuters reported.
Founder Hui Ka Yan sold shares worth 2.68 billion Hong Kong dollars, cutting his stake from 77 percent to 67.9 percent, according to Reuters.
Fitch cut China Evergrande Group and units Hengda Real Estate and Tianji Holding to restricted default after grace periods lapsed on 6 December on coupons due 6 November on two Tianji dollar bonds, Reuters reported. Bloomberg said the move could trigger cross defaults on 19.2 billion dollars of dollar debt.
Trading in Evergrande shares was suspended after it could not publish audited results on time, and it cited an investigation into its property management arm, where banks had seized 13.4 billion yuan in deposits, according to Reuters.
Evergrande told the Hong Kong exchange it was working with offshore creditors on a restructuring proposal, likely through schemes of arrangement, and aimed to announce a specific plan within 2022. It warned the restructuring was not final.
PricewaterhouseCoopers resigned as Evergrande's auditor over disagreements about the 2021 accounts, Reuters reported.
Evergrande announced an offshore debt restructuring plan, and in April it said 77 percent of class A and 30 percent of class C creditors supported it, according to Reuters.
Evergrande reported net losses of 476 billion yuan for 2021 and 105.9 billion yuan for 2022, Reuters and CNBC reported.
Evergrande and affiliates Tianji Holding and Scenery Journey filed for Chapter 15 protection in the Manhattan bankruptcy court, seeking US recognition of its restructuring talks in Hong Kong, the Cayman Islands and the British Virgin Islands, CNBC reported.
CNBCEvergrande deferred creditor meetings on its restructuring, police detained staff at a wealth management unit and a state insurer was approved to take over the assets and liabilities of Evergrande Life Insurance, according to Reuters.
Evergrande told the Hong Kong exchange that authorities had notified it that its chairman Hui Ka Yan was under mandatory measures on suspicion of crimes. Its shares were suspended from 9 a.m. that day.
After a five week reprieve in October and a revised proposal in November, the Hong Kong High Court again adjourned the winding up petition and an offshore bondholder group opposed the revised terms, Reuters reported.
Justice Linda Chan ordered China Evergrande Group wound up on a petition filed in 2022 by creditor Top Shine Global and appointed Edward Middleton and Tiffany Wong of Alvarez and Marsal as liquidators, AFP reported. The judgment, [2024] HKCFI 363, refused a further adjournment because there was no restructuring proposal with creditor support, Des Voeux Chambers noted. Executive director Shawn Siu called the decision regrettable, AFP said.
The liquidators sued to recover about 6 billion dollars in dividends and pay from Hui and other former executives, Reuters reported. The Standard said the defendants include former chief executive Xia Haijun and former finance chief Pan Darong.
Hengda Real Estate disclosed an advance notice from the China Securities Regulatory Commission proposing a fine of about 4.175 billion yuan, and a 47 million yuan fine and a lifetime market ban for Hui, AFP reported. Bloomberg said the regulator found Hengda inflated revenue by about 214 billion yuan in 2019 and 350 billion yuan in 2020. These were proposed penalties.
The CSRC issued Decision on Administrative Penalty [2024] No. 49, dated 21 May 2024, finding that Hengda Real Estate, Hui and executive director Qian Cheng breached the Securities Law, the liquidators told the Hong Kong exchange. Caixin reported on 1 June that the regulator had fined Hengda 4.18 billion yuan for fraudulent bond issuance and illegal information disclosure.
The CSRC and the Ministry of Finance imposed penalties totalling 441 million yuan on PwC's mainland firm over its audit work on Hengda, including the 2019 and 2020 annual reports, and the firm was suspended for six months, Caixin reported. PwC said it respected the decisions and would comply with the penalties.
Evergrande said its shares would be delisted on 25 August after failing to resume trading under listing rules. The liquidators reported selling about 255 million dollars of assets and receiving 187 creditor claims totalling 45 billion dollars, Reuters reported.
The Hong Kong Stock Exchange cancelled Evergrande's listing after 18 months of suspension, according to Reuters.
The Hong Kong High Court appointed liquidators Tiffany Wong and Edward Middleton as receivers of Hui's personal assets and managers of his business interests, in a court document dated 16 September 2025, Caixin reported. Reuters later also described the liquidators as court appointed receivers of his personal assets.
Justice Herbert Au-yeung ordered Hui to pay outstanding litigation costs by 20 February 2026 or be barred from defending the 46.8 billion Hong Kong dollar suit, The Standard reported.
Hui pleaded guilty to charges including illegal absorption of public deposits, fraud and corporate bribery and expressed remorse during a two day trial that ended on 14 April at the Shenzhen Intermediate People's Court, the AP reported, citing a court statement. Reuters later said he pleaded guilty to eight counts.
The Shenzhen Intermediate People's Court sentenced Hui to life in prison, the AP and Reuters reported. The court fined Evergrande Group 8.82 billion yuan and Hengda Real Estate 7 billion yuan, and Caixin said all of Hui's personal property was ordered confiscated, with restitution to victims given priority over state fines.
The Hong Kong High Court refused a request by Hui's lawyer to use liquidator controlled funds for 1.2 million Hong Kong dollars in legal costs, Reuters reported. It said the liquidators are also seeking 57 billion yuan from PwC over alleged negligent auditing.
In their second progress report the liquidators said they had recovered about 435.9 million dollars from asset sales and loan settlements against about 46 billion dollars of claims, and targeted a first interim dividend in the first half of 2027, Reuters reported.
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Nation (Reuters) · nation.africaLast updated 1 November 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.