The historical background of Evergrande Group is as follows:
Founded in 1996, Evergrande Group is a private enterprise group headquartered in Guangdong Province, China. At first, the company's main business was real estate development. At the beginning of its establishment, it was the Asian financial crisis, but Evergrande Real Estate Group bucked the trend and adopted a strategy of "short, flat and fast", and successfully seized the market opportunity.
Here are some of the key developments and events:
1.Hard work and rapid development (1998-2000): Evergrande faced a tough economic environment in the early days of its founding, but through flexible strategies and efficient execution, the company quickly expanded its business across the country.
2.National layout and brand building (mid-2000s): With the rapid development of China's economy, Evergrande Real Estate Group further expanded its influence in the country, adhered to the policy of "quality shaping brand, integrity and great cause", implemented target plan and performance appraisal management model, and promoted enterprise growth with the strategy of "scale + brand".
3.Internationalization Strategy and Strategic Cooperation (Late 2000s to Early 2010s): In the context of global economic integration, Evergrande began to implement an international industrial strategy, and successfully introduced a number of the world's top strategic investors, including Merrill Lynch, Deutsche Bank, and Temasek, which laid the foundation for Evergrande to build a global real estate aircraft carrier.
4.Diversification and new energy vehicles (after the mid-2010s): In addition to the main real estate business, Evergrande Group has also begun to get involved in other fields, such as cultural tourism, health preservation, etc., and has made large-scale investment and layout in the field of new energy vehicles.
However, Evergrande Group has also encountered challenges and difficulties in its development process. Especially in the early 2020s, Evergrande Group faced a serious debt crisis, and its abnormal development, self-boasting performance, and financial management problems were gradually exposed, including a dispute with PricewaterhouseCoopers. These problems eventually led to Evergrande's financial difficulties and restructuring pressures.
Overall, Evergrande Group has grown from a local property developer to a diversified conglomerate, with a history that encompasses both rapid expansion and successful business strategies, as well as risk management and corporate governance issues.