Curtain Falls on Evergrande as Hong Kong Delisting Looms Aug. 25
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Evergrande’s 2021 default shook global markets and marked the end of China’s debt-driven property boom
China Evergrande Group will be delisted from the Hong Kong Stock Exchange later this month, marking the final chapter for the world’s most indebted property developer after its collapse triggered a crisis across China’s real estate sector.
The exchange’s Listing Committee decided to cancel the company’s listing from the start of trading on Aug. 25, Evergrande said in a filing Tuesday evening. Its last trading day will be Aug. 22, and it is not seeking a review of the decision.
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- China Evergrande Group will be delisted from the Hong Kong Stock Exchange on August 25, 2024, after almost 19 months of trading suspension.
- The company’s complex liquidation follows its 2021 debt default and failed restructuring, with offshore realizable assets at about $255 million as of July.
- Delisting leaves offshore creditors with little hope of recovery; liquidators have recovered $167 million so far amidst complicated competing claims.
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Who’s Who
- China Evergrande Group
- China Evergrande Group, a heavily indebted property developer, will be delisted from the Hong Kong Stock Exchange on August 25. This follows a 19-month trading suspension and a winding-up order due to its inability to meet listing requirements and restructure its massive debt. The delisting marks the final chapter of its collapse, which significantly impacted China's real estate sector.
- Alvarez & Marsal Inc.
- Alvarez & Marsal Inc. is a global professional services firm. Two of their managing directors were appointed as liquidators for China Evergrande Group after the Hong Kong High Court ordered the company to be wound up. Their role involves managing the liquidation process for Evergrande.
- Hengda Real Estate Group
- Hengda Real Estate Group is the key mainland unit of China Evergrande Group. An investigation by China's Securities Regulatory Commission into Hengda Real Estate Group contributed to the collapse of Evergrande's offshore restructuring plan.
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What Happened When
- Dec. 2021：
- Evergrande failed to honor a $260 million guarantee on a private bond, triggering cross-defaults on all its U.S. dollar debt.
- Jan. 29, 2024：
- Trading in China Evergrande Group shares was suspended after the Hong Kong High Court ordered the company to be wound up.
- March 2024：
- Conditions for resumption were outlined: overturn the winding-up order, discharge liquidators, prove viable operations and adequate assets, and disclose all material information for investors.
- March 22, 2023：
- Evergrande unveiled a preliminary offshore restructuring plan after more than a year of negotiations.
- Sept. 24, 2023：
- The offshore restructuring deal collapsed after the China Securities Regulatory Commission opened an investigation into Hengda Real Estate Group.
- Sept. 28, 2023：
- Founder and Chairman Hui Ka Yan was placed under investigation for suspected criminal activity.
- By the end of July 2025：
- Total offshore realizable assets stood at about $255 million, with $167 million recovered by liquidators so far.
- Aug. 12, 2025：
- Evergrande announced the Hong Kong Stock Exchange decision to cancel its listing, effective from Aug. 25, 2025.
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