China Evergrande Group was delisted from the Hong Kong Stock Exchange on 25 August, closing the trading chapter of a developer that once symbolised China’s real-estate boom. The company, listed in 2009, saw its market value climb to about $51 billion before collapsing to roughly $282 million. The exchange removed the shares after Evergrande failed to resume trading within an 18-month window following a court-ordered liquidation. Evergrande’s delisting crystallises the downfall of the world’s most indebted developer, burdened with more than $300 billion in liabilities. Since the liquidation order on 29 January 2024, liquidators have recovered only about $255 million in offshore assets, far short of the estimated $45 billion in creditor claims. Founder Hui Ka Yan, once Asia’s richest person, has been fined ¥47 million and barred from China’s securities markets for life over accounting violations. Analysts say the removal is largely symbolic yet underscores the deepening stress across China’s property sector. State-backed China South City recently received a winding-up order, while Country Garden continues negotiations to restructure more than $14 billion of offshore debt. Real estate accounted for roughly a quarter of China’s GDP at its peak, and the sector’s prolonged slump remains one of the biggest drags on growth despite government efforts to shore up demand.