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1h ago

Evergrande Delisted in Hong Kong, Ending Its Life as a Public Company

Sparse asset recoveries versus massive creditor claims signal a long, low‑return wind‑down.

File Photo: An aerial view of an unfinished residential development by China Evergrande Group in the outskirts of Shijiazhuang, Hebei province, China February 1, 2024. REUTERS/Tingshu Wang/File Photo
File Photo: A view of an unfinished residential compound developed by China Evergrande Group in the outskirts of Shijiazhuang, Hebei province, China February 1, 2024. REUTERS/Tingshu Wang/File Photo

Overview

  • HKEX removed China Evergrande’s shares on Monday after the developer failed to resume trading within the bourse’s 18‑month suspension limit.
  • A Hong Kong court ordered the company wound up on Jan. 29, 2024, and its stock had been suspended since that ruling.
  • Liquidators report about $255 million realized to date against roughly $45 billion in creditor claims and have taken control of more than 100 group entities.
  • Founder Hui Ka Yan has been barred from China’s securities markets for life and fined, while liquidators pursue claims to claw back around $6 billion from him and former executives.
  • Hundreds of projects and large numbers of homebuyers remain in limbo as Evergrande’s collapse—after amassing liabilities well above $300 billion—continues to weigh on China’s property sector.