Chinese real estate company Evergrande is delisted from the Hong Kong Stock Exchange

Shares of heavily indebted Chinese real estate giant Evergrande were delisted from the Hong Kong Stock Exchange, marking another step in the company’s ongoing collapse.

Its removal from the Hong Kong Stock Exchange took effect on Monday, following a decision by the exchange’s listing committee in early August.

The company, already suspended from trading, failed to meet the conditions required to return to the market due to its heavy debt.

According to a report by liquidators Edward Middleton and Tiffany Wong in early August, Evergrande’s debt exceeded the previously estimated $27.5 billion.

At its peak, the company was valued at over $50 billion and played a key role in the country’s rapid growth over recent decades.

The company, once China’s largest real estate developer, defaulted in 2021 and became a symbol of the real estate market crisis in the world’s second-largest economy.

In January 2024, a Hong Kong court issued a winding-up order for Evergrande, citing the company’s failure to submit a debt repayment plan and the suspension of its stock market shares.