The default is the property empire's first since it became mired in a debt crisis that has rattled investors who fear a wider contagion. Another much smaller Chinese property firm, Kaisa, also defaulted on $400 million of bonds on Thursday, Fitch said. Here is a timeline of Evergrande's rise to become one of China's biggest developers, demise into one of its worst debtors and, ultimately, default: – 1996: The dream begins – Steel-factory worker Xu Jiayin starts Evergrande, targeting millions of middle-class Chinese climbing onto the property ladder across the rapidly urbanising country. – 2009-10: Start of expansion – After going public in 2009, Evergrande takes control of Chinese Super League club Guangzhou, renaming it Guangzhou Evergrande, and spends billions of dollars on foreign players, helping it to win a succession of titles.