Evergrande's $300 BILLION Hole

Evergrande founder Hui Ka Yan got life in prison in 2026, years after the world stopped watching. His company owed more than $300 billion. Liquidators have found about $255 million. This film follows Evergrande from a Guangzhou start-up in 1996 through the presales machine, Beijing's three red lines and the 2021 default to the Hong Kong wind-up order, the regulator's findings of inflated revenue and the Shenzhen verdict. It ends with where the money, the unfinished homes and the creditors stand, with Evergrande's own responses along the way. As of September 2026: the life sentence is a first-instance verdict; Evergrande's main mainland unit, Hengda Real Estate, is in bankruptcy liquidation in Guangzhou; the liquidators' latest published recoveries were still about $255 million. 0:00 Life in prison 1:10 The Machine 6:03 The Red Lines 9:58 The Long Silence 14:39 Following the Money 17:59 The Verdict 19:35 What Remains Charts, maps and timelines are our own labelled reconstructions from the official record (court judgments, CSRC and SFC findings, HKEX filings, the liquidators' reports and official statistics). Documents are shown as the real pages; quotes are verbatim, translations are ours and labelled. Sources: every fact in this film is checked against the sources in our ledger (158 sources); full list: https://remotionlambda-eucentral1-rvk... Key sources: [100] High Court of the Hong Kong SAR, Re China Evergrande Group, HCCW 220/2022, https://legalref.judiciary.hk/doc/jud... [129] China Securities Regulatory Commission, CSRC administrative penalty decision on Hengda Real Estate and responsible persons https://www.csrc.gov.cn/csrc/c101928/... [200] Supreme People's Court of the PRC, First-instance verdicts in the Evergrande Group, Hengda Real Estate and Xu Jiayin case https://www.court.gov.cn/zixun/xiangq... [220] China Evergrande Group, China Evergrande Group (In Liquidation): (1) Decision of the Listing Committee (2)… https://www.hkexnews.hk/listedco/list... [103] China Evergrande Group, China Evergrande Group: Inside Information (no guarantee of sufficient funds; US$260… https://www1.hkexnews.hk/listedco/lis... [128] U.S. Bankruptcy Court for the Southern…, China Evergrande Group and Jimmy Fong, 23-11332 (Bankr. S.D.N.Y.): docket (CourtListener… https://www.courtlistener.com/docket/... Corrections: none as of publication. If you spot an error, tell us in the comments with a source; corrections are pinned and listed here with their date. Credits. Music: original score generated with Eleven Music (ElevenLabs) for Unmade, under the ElevenLabs commercial terms. Photos (cropped, layered and graded): Alexchen4836 (CC BY-SA 3.0); Andrew Martin, Wang Qisheng (王启生) (CC BY 3.0); 涔水影人 (CC BY 3.0); Charlie fong, David290, Dinkun Chen, HASOMKWO 303, Nrya, STW932, Shuim Wiang Yamio, Tim Wu, User3204, Weiji Xiaobawang (維基小霸王), Windmemories, Xijiaopen Shougou Zhanzhang (洗腳盆收購站長), Zhong Shao (中少) (CC BY-SA 4.0); KWUGN Mingsa MaMau; Ajay Suresh (public domain), via Wikimedia Commons. Licence texts: creativecommons.org/licenses. Stock (Pexels): LayG Traveller, Magda Ehlers, Major &Wang, Nirjhar Basak, Paul Bill, Rafael Minguet Delgado, SHOX ART, Usman AbdulrasheedGambo. Satellite: contains modified Copernicus Sentinel data 2025, 2026; Earth: NASA Blue Marble. Unmade: how giants come undone. New film every Sunday, @unmadedocs. #Evergrande #China #Documentary #HuiKaYan #ChinaPropertyCrisis #chinarealestate #chinaeconomy #corporatecollapse #businessdocumentary #UnmadeDocs