Hong Kong, 12 August (LaPresse) – China Evergrande has announced that it will be delisted from the Hong Kong Stock Exchange on 25 August, more than a year and a half after the city court ordered the liquidation of the heavily indebted real estate company, in another setback for mainland China's real estate sector. Evergrande was the world's most indebted property developer, with $300 billion in debts to banks and bondholders, when the court issued the liquidation order in January 2024. The court ruled that the company had failed to submit a viable debt restructuring plan, fuelling fears of rising Chinese debt, and trading in its shares was suspended after the ruling. The city's listing rules state that companies can be delisted if trading in their shares remains suspended for 18 consecutive months. China Evergrande Group received a letter on 8 August from the city's stock exchange informing it of the decision to delist, as trading had not resumed by 28 July. The last day of trading will be 22 August, and Evergrande will not seek a review of the decision, the company said in a statement. ‘All shareholders, investors and potential investors of the company should note that after the last listing date, although the share certificates will remain valid, the shares will not be listed and will not be tradable on the stock exchange,’ the statement said.
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