The Hong Kong Stock Exchange removed China Evergrande Group’s shares on 25 August after the developer failed to resume trading within the exchange’s 18-month deadline. The delisting follows a winding-up order issued by a Hong Kong court in January 2024 and ends a 15-year run for a company that once dominated China’s housing market. Evergrande was valued at more than $50 billion at its 2017 peak but unraveled when regulators curbed developer borrowing and home sales slowed. The company defaulted on offshore bonds in 2021 and now carries liabilities exceeding $300 billion. Liquidators say they have realised just $255 million from asset sales against creditor claims of about $45 billion. The formal ejection of the world’s most indebted developer underscores the depth of China’s property downturn, which continues to weigh on economic growth and investor confidence. Analysts warn that other builders face similar pressure despite a series of government measures aimed at reviving housing demand and stabilising financing channels.