Evergrande delisted in Hong Kong, sealing fall of China’s $50bn property big

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Evergrande’s shares can be delisted in Hong Kong, cementing the downfall of China’s onetime property big. The $50bn developer’s collapse beneath big money owed triggered a sector-wide disaster, whereas founder Hui Ka Yan has been fined, banned, and stripped of most of his fortune.

China Evergrande’s shares can be faraway from the Hong Kong inventory alternate on Monday, ending greater than 15 years of buying and selling. As soon as valued above $50 billion, the developer collapsed beneath a mountain of debt that had fuelled its rise and triggered China’s extended property sector disaster.

Consultants stated the delisting marks a remaining and irreversible step. Evergrande is now extra related to financial turmoil than success, a stark distinction to its days as an emblem of China’s growth.

Founder Hui Ka Yan, as soon as Asia’s richest man, has seen his fortune collapse from $45 billion in 2017 to beneath $1 billion. In March 2024 he was fined $6.5 million and banned from capital markets for all times after authorities discovered Evergrande had overstated income by $78 billion. Liquidators are additionally weighing whether or not to pursue Hui’s private belongings.

On the time of its collapse, Evergrande had some 1,300 tasks in 280 cities, underscoring the size of its downfall and its drag on the broader economic system.

This text was written by Aaron Cutchburt at investinglive.com.

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