The Evergrande Group or the Evergrande Real Estate Group (previously Hengda Group) is China's second-largest property developer by sales, making it the 122nd largest group in the world by revenue, according to the 2021 Fortune Global 500 List. It is based in southern China's Guangdong Province, and sells apartments mostly to upper and middle-income dwellers. In 2018, it became the world's most valuable real estate company.The holding company of the group is incorporated in the Cayman Islands. Its headquarters are in the Excellent Houhai Financial Center in Nanshan District, Shenzhen.In August 2021, the Financial Times reported that Evergrande Group is facing a record number of cases filed by contractors in Chinese courts as pressure mounts on the company's management to reduce its $300bn in liabilities, including around $100bn in debts.In mid-September 2021 it was reported that the company was in danger of being unable to issue payments on loan interest due on 20 September. It was estimated that around 1,500,000 customers could lose deposits on Evergrande homes that have yet to be built if the company goes under.