China Evergrande Group was formally removed from the Hong Kong Stock Exchange on 25 August after failing to meet the bourse’s 18-month deadline to resume trading, ending a 15-year listing that began in 2009. The developer once dominated China’s real-estate market, with a market capitalisation of roughly $51 billion at its 2017 peak, but amassed more than $300 billion in liabilities. Trading in its shares—last quoted at HK$0.163—had been halted since 29 January 2024, when a Hong Kong court ordered the company’s liquidation for defaulting on debt and failing to secure a restructuring plan. Investors have seen the company’s value shrink to about $282 million before the suspension. Court-appointed liquidators say they have realised only $255 million to date against creditor claims of about $45 billion, and warn the winding-up process could take a decade with limited recovery prospects. Analysts view the delisting as another milestone in China’s prolonged property downturn. Other developers, including state-backed China South City, also face liquidation as weak demand and tight financing persist despite policy support for a sector that once accounted for roughly a quarter of the country’s GDP.