Evergrande’s collapse was by far the biggest in a crisis that dragged down China’s economic growth and led to a record spate of distress among builders. The company, which first defaulted on a dollar bond in December 2021, was once the country’s largest developer by sales, and was worth more than US$50 billion ($64.21 billion) in 2017 at its peak.
China Evergrande Group said its Hong Kong stock will be delisted, marking the end of an era for the former high-flying developer whose demise came to symbolise the country’s property bust.
The Guangzhou-based company said the stock exchange has decided to cancel its listing, according to a filing to the Hong Kong bourse on Tuesday. The shares will be removed on Aug 25 and the company won’t apply for a review of the exchange’s decision, it added.
