Evergrande Group, once a symbol of the country’s real estate boom, is set to be removed from the Hong Kong Stock Exchange on August 25, marking the end of a turbulent era for the embattled property developer. The delisting follows more than 18 months of suspended trading, a threshold that triggers automatic removal under Hong Kong’s listing rules.
Evergrande’s downfall was the most dramatic episode in China’s 2021 property crisis. In January 2024, the company filed for bankruptcy, burdened by a colossal debt of $300 billion. Founder Hui Ka Yan has been accused of fabricating $78 billion in revenue, further eroding investor confidence.
Since the bankruptcy filing, Evergrande has sold approximately $225 million worth of assets, primarily from its subsidiaries. However, this figure falls far short of the $45 billion in claims submitted by creditors. At its peak in 2017, Evergrande was valued at over $50 billion. Today, its market capitalization has dwindled to just $274 million.
The delisting underscores the scale of Evergrande’s collapse and the broader challenges facing China’s property sector. As the company exits the public market, questions remain about the future of its remaining assets and the fate of its creditors.