Crisis-hit Chinese property giant Evergrande reveals $81bn loss
China's real estate industry was rocked when new rules to control the amount big real estate firms could borrow were introduced in 2020.failed to repay interest on around $1.2bn of international loansIts financial problems have rippled through the country's property industry, with a series of other developers defaulting on their debts and leaving unfinished building projects across the country.
Over the last decade and a half the company's expansion encompassed a wide range of industries including sports, entertainment and electric car making. In 2010, Evergrande took control of Guangzhou FC and changed its name to Guangzhou Evergrande Taobao FC. With an infusion of new money, the squad was strengthened and it immediately won promotion to the top tier of Chinese football. From 2011 it won the Chinese Super League title eight times, including seven seasons in a row.
Last year, the club was relegated from the Super League, while Evergrande's plans for a $1.8bn stadium were shelved. The club has also reverted to its previous name - Guangzhou FC.
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