PETITION

Curated financial news, analysis and commentary with an emphasis on distressed investing, restructuring and bankruptcy. We discuss disruption, from the vantage point of the disrupted.

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PETITION 6 likes 21 Sep 21
Part I. What is Evergrande? So this one is a colossal clusterf*ck. Shenzhen-based The Evergrande Group ($EGRNF) is China’s second largest property developer by sales and the 122nd largest developer in the world by revenue according to the 2021 Fortune Global 500 List.* While its core business is buying land and developing it into residential real estate, it is really an investment holding company that, in addition to property development, dabbles (or dabbled, as the case may be) in hotel operations, finance, internet businesses (for real estate and automobile sales), professional sports, theme parks, mineral water and health industry businesses. This sucker has had its tentacles in a lot of pots over the years, leveraging billionaire founder