Evergrande is a Chinese real estate development company founded in 1996.
It is the world's most indebted property developer, with over $300 billion in liabilities.
The company has been struggling to make payments on its debts, and has missed several interest payments in recent months.
This has raised concerns about a potential default, which could have ripple effects through the global financial system.
Evergrande has projects in over 280 cities across China, and employs over 200,000 people.
A default by Evergrande could lead to job losses and unfinished construction projects, which could further dampen economic growth in China.
The Chinese government has been trying to prop up Evergrande, but it is unclear how successful they will be.
A default by Evergrande could also have a negative impact on the global economy, as it could lead to a decline in investor confidence and a rise in risk premiums.
The US government is closely monitoring the situation, and has warned that a default by Evergrande could have a "significant impact" on the US economy.
The Evergrande crisis is a reminder of the risks of the global financial system, and the need for greater regulation of the real estate sector.