Worsening crisis at Evergrande, world's most indebted developer

investing.com:

(Reuters) — A Hong Kong court ordered the liquidation of China Evergrande (HK:3333) Group on Monday.

Evergrande is the world's most indebted real estate developer and has been at the centre of an unprecedented liquidity crisis in China's property sector, which accounts for roughly a quarter of the world's second-largest economy.

Once China's top-selling developer, Evergrande's financial crisis became public in 2021 and since then it and a string of its peers have defaulted on their offshore debt obligations amid slowing home sales and fewer new avenues for fundraising, triggering fears of wider contagion that could spread to the country's banks.

Here is a timeline of how Evergrande's debt crisis has unfolded:

August, 2021

Many Evergrande projects across the country halt construction due to overdue payments.

China's central bank and banking watchdog summon senior executives and issue a rare warning that Evergrande must reduce its debt risks and prioritise stability.

September, 2021

It misses two offshore bond coupon payments totalling $131 million. The payments have a grace period of 30 days.

Evergrande engages financial advisers to examine options, warning of cross-default risks amid plunging property sales.

November, 2021

Founder Hui Ka Yan sells 1.2 billion shares worth HK$2.68 billion ($342.7 million), lowering his stake in Evergrande to 67.9% from 77%.

March, 2022

Evergrande suspends trading in its shares, citing its inability to publish audited results before March 31, and an investigation of the property management arm in which 13.4 billion yuan of deposits were seized by banks.

November, 2022

A mansion belonging to Evergrande's chairman in Hong Kong's prestigious The Peak residential enclave is seized by lender