China Evergrande Group, founded in 1996 by Hui Ka Yan (Xu Jiayin), rose to become China's second-largest property developer and the world's most valuable real estate company before its dramatic collapse. The company's financial implosion in 2021, driven by hundreds of billions of dollars in debt, triggered the ongoing Chinese property sector crisis and caused a global stock market drop. As the crisis deepened, Evergrande filed for Chapter 15 bankruptcy protection in the U.S. in August 2023, its stock plunged 79% upon resuming trading, and its billionaire chairman was placed under police control. After failing to present a viable restructuring plan, the company was ordered to liquidate by the High Court of Hong Kong on 29 January 2024, and was subsequently delisted from the Hong Kong Stock Exchange on 24 August 2025. The collapse highlighted the severe risks of excessive debt in China's property market, leaving massive liabilities (over US$300 billion) and impacting bondholders and homebuyers alike.