Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn Lately, the Evergrande Group, one of China's biggest property developers, has been in the news for all the wrong reasons. Shares of its Hong Kong listed company have been on a roller coaster ride after a letter the company allegedly wrote to the government of Guangdong Province surfaced recently, suggesting the company was desperate for cash and heavily in debt. While the company insists the letter was fabricated, it's notable that its debt load now tops $120 billion. Making sense of Evergrande is not easy. It's a property company that builds as many as 600,000 homes a year. But it also does a lot more.Evergrande has also formed a giant soccer academy and at one time invested in bottled water, before divesting of that business. About five years ago, the company spun off a smaller unit called the Evergrande Health Industry Group (0708.HK). That firm, which is also a Hong Kong listed company, manages homes for the elderly, and has formed a partnership with Harvard's teaching hospital,Subscribe or login to read the rest. Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.