China Evergrande’s Rise, Fall and Debt Restructuring: QuickTake

One of China’s largest-ever debt restructurings is starting to take shape. China Evergrande Group was declared to be in default in late 2021, the highest-profile casualty of a broader crisis in the country’s property development industry. The government has stepped in to manage the overhaul, quelling fears of a disorderly collapse that could have jolted the world economy. But Evergrande bondholders are still wondering how much of their money they’ll see after the dust settles.

Evergrande founder and Chairman Hui Ka Yan

Photographer: Paul Yeung/Bloomberg

1. How did we get here?

Evergrande, founded in 1996, relied on heavy borrowing to fuel its growth. It became the largest dollar-debt borrower ...