Evergrande is a Chinese real estate company founded in 1996, known for its rapid expansion and significant role in the property market. It became one of the largest property developers in China, building residential complexes, commercial properties, and even electric vehicles. In 2021, Evergrande faced a severe financial crisis due to massive debt, leading to concerns about its ability to meet obligations. This situation raised alarms about potential impacts on the broader Chinese economy and the global financial system, as many investors and suppliers were affected by its financial troubles.