The following is a timeline of how Evergrande’s debt crisis has unfolded. August 2020 Regulators meet with Evergrande and other big developers to introduce caps for three debt ratios. Evergrande sells a $3 billion stake in its property management unit ahead of the unit’s initial public offering (IPO). It asks Guangdong provincial authorities to approve a Shenzhen backdoor listing plan that has languished for four years, saying it could face a cash crunch. September 2020 Evergrande offers 30 percent discounts on properties for a month to push sales. October 2020 Evergrande raises $555 million in a slimmed-down secondary share sale in Hong Kong. November 2020 Evergrande terminates the Shenzhen backdoor listing plan. Some strategic investors agree to not demand repayment. Evergrande Property Services Group’s Hong Kong IPO raises $1.8 billion. January 2021 China Evergrande New Energy Vehicle Group raises $3.4 billion by bringing in six new investors. March 2021 Evergrande …
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