Evergrande’s shares will be delisted in Hong Kong, cementing the downfall of China’s onetime property giant. The $50bn developer’s collapse under huge debts triggered a sector-wide crisis, while founder Hui Ka Yan has been fined, banned, and stripped of most of his fortune.
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China Evergrande’s shares will be removed from the Hong Kong stock exchange on Monday, ending more than 15 years of trading. Once valued above $50 billion, the developer collapsed under a mountain of debt that had fuelled its rise and triggered China’s prolonged property sector crisis.
Experts said the delisting marks a final and irreversible step. Evergrande is now more associated with economic turmoil than success, a stark contrast to its days as a symbol of China’s boom.
Founder Hui Ka Yan, once Asia’s richest man, has seen his fortune collapse from $45 billion in 2017 to under $1 billion. In March 2024 he was fined $6.5 million and banned from capital markets for life after authorities found Evergrande had overstated revenue by $78 billion. Liquidators are also weighing whether to pursue Hui’s personal assets.
At the time of its collapse, Evergrande had some 1,300 projects in 280 cities, underscoring the scale of its downfall and its drag on the wider economy.
