China Evergrande Group — once China’s top-selling developer and the world’s most indebted property giant — has been officially delisted from the Hong Kong Stock Exchange (HKEX). Trading was cancelled on 25 August 2025 after the company failed to resume trading within the 18 months required following a court-ordered liquidation.
Collapse in Numbers
At its peak in 2017, Evergrande’s market value reached approximately €47 billion (US$51 billion). By the time trading was suspended in January 2024, its capitalization had collapsed to just €255–260 million (US$275–280 million). The last traded price before delisting was HK$0.16 — about €0.019 per share. Liabilities exceeded €275 billion (US$300 billion), making it the most indebted property company in the world. Liquidators have so far realized only €234 million (US$255 million) in asset sales against creditor claims of €41 billion (US$45 billion), pointing to minimal recovery prospects.
Why the Delisting Matters
HKEX invoked Rule 6.01A(1), which mandates delisting if a company remains suspended for more than 18 months. For Evergrande, once the symbol of China’s real estate juggernaut, this was the final blow.
Alec Tseung, partner at KT Capital Group: “The delisting marks a significant milestone, symbolising the culmination of Evergrande’s dramatic downfall and signalling the end of an era for China’s property-driven growth model.”
Dan Wang, China director at Eurasia Group: “Once delisted, there is no coming back.”
Domestic Ripples
The delisting reflects the wider crisis in China’s property market, where demand remains weak and housing prices continue to slip despite government support measures. Banks have reduced exposure to property loans, but real-estate non-performing debts remain a major weakness. Other developers, including Country Garden and Sunac, still struggle with restructuring efforts, showing that the problem goes beyond Evergrande.
Gary Ng, senior economist at Natixis: “Evergrande is one of the landmark examples of the collapse of China’s real estate sector a few years ago.”
Global Impact
The collapse of Evergrande has spilled into international markets. China’s prolonged construction downturn has hurt global commodity demand, weighing on iron-ore and steel producers in 2025. In credit markets, investor confidence in Chinese high-yield property bonds remains low, while RMB-denominated “dim sum” bonds have surged in popularity. Even though MSCI China has rallied this year on policy hopes, the property sector continues to act as a drag on performance.
Oscar Choi, chief investment officer at Oscar & Partners Capital Ltd: “It’ll be hard to revive consumption demand and sentiment when people have an empty pocket.”
The Human Cost
Beyond the financial markets, the collapse has left a trail of broken promises for thousands of Chinese households. Many bought apartments that were never completed. On Douyin, one frustrated homebuyer shared:
“After a lot of property viewings, I chose Evergrande because I thought such a big developer would not collapse. I was wrong.”
This sense of betrayal underscores the human cost of the company’s downfall and the erosion of trust in China’s real estate sector.
What Comes Next
Recovery rates for creditors are expected to remain negligible. Policymakers in Beijing face the challenge of balancing financial stability with the need to restore household confidence in housing. Globally, construction weakness in China will continue to weigh on commodities and cross-border investment flows well into 2026.
Conclusion
Evergrande’s delisting closes the most dramatic chapter in China’s real estate boom. Its fall from a €47 billion peak valuation (US$51 billion) to a cancelled listing with more than €275 billion debt (US$300 billion) highlights the dangers of unchecked leverage and overexpansion. The global ripples — from commodities to credit markets — show that the end of the Evergrande market era is not only a corporate collapse but also a turning point for China’s economy and the world’s financial system.
