China Evergrande Group, the world’s most indebted real estate firm, said Tuesday it will be delisted from Hong Kong’s stock exchange, a landmark moment in China’s yearslong property crisis.
Evergrande also said liquidators have recovered only $255 million of assets in 18 months, including a Claude Monet painting. The company was a poster child of China’s property boom in the 2010s, but its collapse beginning in 2021 came to embody the sector’s woes that fueled wider economic strain. “The golden era of real estate is gone,” a Deloitte analyst said.
Days before the Evergrande announcement, developer China South City Holdings was ordered to liquidate, showing how the housing crisis has persisted despite state efforts to prop up the industry.