Chinese property sector crisis (2020–present)

The Chinese property sector crisis is a current financial crisis sparked by the 2021 default of Evergrande Group. Evergrande, and other Chinese property developers, experienced financial stress in the wake of overbuilding and subsequent new Chinese regulations on these companies' debt limits. The crisis spread beyond Evergrande in 2021 to such major property developers as Country Garden, Kaisa Group, Fantasia Holdings, Sunac, Sinic Holdings, and Modern Land.

Following widespread online sharing of a letter in August 2021, in which Evergrande warned the Guangdong government that it was at risk of experiencing a cash crunch, shares plunged, impacting global markets which led to a slow-down of foreign investment in China. The company unsuccessfully attempted to sell assets to generate money, missed several debt payments, was downgraded by international ratings agencies and finally defaulted on an offshore bond at the beginning of December 2021. The ratings agency Fitch declared the company to be in "restricted default".

At the beginning of the 2020s, thousands of retail investors, as well as banks, suppliers, and foreign investors were owed 2 trillion RMB (310 billion USD) by Evergrande alone. In September 2023, He Keng, a former deputy head of the National Bureau of Statistics, said that unfinished and finished-but-vacant apartment projects in China could conceivably house the entire Chinese population of 1.4 billion. On 29 January 2024, a Hong Kong court ordered Evergrande to be liquidated.