Evergrande: the $300B debt math in one chart

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Издатель May 8, 2026

In August 2020, Beijing's financial regulators sent a memo to China's biggest property developers. It set three debt ratios. China Evergrande Group, listed on HK:3333, breached all three. Its own exchange filings showed total liabilities above $300 billion. None of it was hidden. We break down the three red lines policy, Evergrande's presale-funded growth model, the December 2021 offshore bond default, the 1.5 million unbuilt apartments behind the 2022 mortgage boycott, and the January 2024 Hong Kong winding-up order (HCCW 179/2022; Re China Evergrande Group [2024] HKCFI 363). The chart that explains this collapse is not Evergrande's debt. It's the gap between what was sold and what was built.
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Disclosed is independent commentary and analysis. No affiliation with the companies discussed. All trademarks, logos, and brand assets shown are property of their respective owners and are used for identification, commentary, and educational purposes under nominative fair use.
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6 Chapters with Approximate Timestamps

| Timestamp | Chapter Title |
|-----------|--------------|
| 0:00 | The Memo No One Read |
| 1:10 | The Presale Machine: How Evergrande Grew |
| 2:50 | Three Red Lines: The Exact Numbers |
| 4:30 | $300 Billion and the Mortgage Boycott |
| 6:20 | Default, Contagion, and the $500B Sector Collapse |
| 8:40 | The Chart That Actually Explains It |

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4 Citations

1. **China Evergrande Group 2021 Interim Results Announcement**
China Evergrande Group (HK:3333), Hong Kong Stock Exchange disclosure.
Access via HKEX News: hkexnews.hk (search stock code 3333, August 2021 filing)
[VERIFY URL at fact-check: download the actual filing to confirm total liabilities figure]

2. **People's Bank of China Financial Stability Report 2021**
People's Bank of China, annual financial stability publication.
Access: pbc.gov.cn (English-language publications section)
[VERIFY: confirm three red lines ratio thresholds and August 2020 distribution date]

3. **Hong Kong High Court — Re China Evergrande Group [2024] HKCFI 363 (HCCW 179/2022)**
Hong Kong Judiciary, Court of First Instance (Companies Winding-Up). Justice Linda Chan, winding-up order 29 January 2024.
Access: judiciary.hk (Legal Reference System) or Bloomberg Law
[VERIFIED 2026-05-01]

4. **IMF Article IV Consultation: People's Republic of China (2022 and 2023 editions)**
International Monetary Fund, Staff Country Reports.
Access: imf.org (China Article IV reports, search by year)
[VERIFY: confirm the real estate GDP share estimates cited (25-29%) match IMF methodology]

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#Evergrande #China #RealEstate #BusinessCaseStudy #FinancialCrisis #ThreeRedLines #ChineseEconomy #Investing