China’s real-estate turmoil deepened on Friday as three of the country’s best-known developers reported fresh setbacks ranging from multibillion-dollar losses to an imminent stock-market exit. Country Garden Holdings said it expects to post a preliminary net loss of between 18.5 billion and 21.5 billion yuan ($2.6-$3.0 billion) for the first half of 2025, widening the red ink at a company once viewed as one of the sector’s more resilient players. Hours earlier, China Vanke Co. disclosed a record half-year loss of 12 billion yuan ($1.7 billion) after relying on shareholder loans to meet debt payments amid falling home prices. Separately, China Evergrande Group—suspended from trading since January 2024—confirmed it will be delisted from the Hong Kong stock exchange on 25 August. The developer’s market value has collapsed from a 2017 peak of about $51 billion to just $282 million, while its liabilities still exceed $300 billion. The trio of announcements underscores the persistent liquidity squeeze facing an industry that once generated a quarter of China’s GDP. Analysts warn more defaults and restructurings are likely as sales remain weak and access to new funding stays tight.