China Evergrande's stock price was fixed at HK$0.16, with a total market value of only approximately HK$21.52 billion.

After a long period of silence, real estate stocks welcomed a rare celebration. On August 25, under expectations of favorable property market policies, major real estate stocks in both A-shares and H-shares collectively rose.

As of market close, in the A-share market, Wantong Development (600246.SH) hit the daily limit, while Vanke A (000002.SZ) and Shenzhen Zhenye A (000029.SZ) rose over 9%. Rongsheng Development (002146.SZ) and Gemdale Corporation (600383.SH) gained over 6%, while Greenland Holdings (600606.SH), Poly Developments and Holdings (600048.SH), and China Overseas Grand Oceans (600325.SH) rose over 4%.

In the Hong Kong market, China Vanke (02202.HK) gained 9.86%, Sunac China (01918.HK) rose over 6%, while Longfor Group (00960.HK) and New World Development (00017.HK) climbed over 5%. R&F Properties (02777.HK) and Yuexiu Property (00123.HK) both surged over 4%.

However, while others celebrated, former real estate giant China Evergrande was delisted on the same day.

Starting from 9:00 AM on August 25, China Evergrande's listing status was officially cancelled. Currently, searching on the Hong Kong Stock Exchange's disclosure system shows that China Evergrande has been formally listed under "Delisted Securities." China Evergrande's approximately 16-year listing journey has come to an end.

The reason for Evergrande's delisting was suspension for over 18 months. On August 20, the Hong Kong Stock Exchange issued an announcement stating that China Evergrande's shares have been suspended from trading since January 29, 2024. "Under Listing Rule 6.01A(1), if the company fails to resume trading by July 28, 2025, the Exchange may delist the company."

On November 5, 2009, Evergrande listed in Hong Kong and became the largest mainland private property developer listed in Hong Kong at the time, with a market value exceeding HK$70 billion. Subsequently, Evergrande continued its aggressive expansion, with sales scale reaching industry peaks, and founder Xu Jiayin earned the title of "richest man."

Shortly after reaching its peak, Evergrande's bubble was quickly burst. In 2021, Evergrande's liquidity crisis was exposed, and in December of that year, it fully initiated overseas debt restructuring. Subsequently, due to the discovery that HK$13.4 billion in funds were misappropriated at Everg Services, the "Evergrande group" listed companies began a suspension lasting over 500 days.

On July 17, 2023, China Evergrande disclosed operational data for the 2021 and 2022 financial years, with combined losses exceeding 800 billion yuan, setting a new record for the highest corporate losses in China.

Regulators had already intervened in Evergrande's crisis. Since December 2021, they organized accounting firms to conduct special asset verification audits of Evergrande Group. In March 2022, the audit found that Evergrande Real Estate was suspected of illegal activities such as premature revenue recognition. In August 2023, the China Securities Regulatory Commission launched an investigation into Evergrande. Meanwhile, in September 2023, China Evergrande announced that company chairman Xu Jiayin had been subject to compulsory measures due to suspected illegal activities.

With both Evergrande Real Estate and Xu Jiayin under investigation, Evergrande's overseas debt restructuring plan, which had been in progress for over two years, remained difficult to implement. This prompted the Hong Kong High Court to decide on liquidating China Evergrande.

On the morning of January 29, 2024, the Hong Kong High Court held a liquidation hearing for China Evergrande, with the judge ruling on-site to liquidate China Evergrande. On the same day, the High Court appointed liquidators for China Evergrande. Evergrande became the largest liquidation case among Hong Kong-listed companies. China Evergrande's stock price was fixed on this day at HK$0.16, with a total market value of only approximately HK$21.52 billion.

It's worth noting that delisting does not mean the end of all work, as related liquidation work continues to advance. According to reports released by Evergrande's liquidators, as of July 31, 2025, liquidators have received 187 proofs of debt, with total claimed debts amounting to approximately HK$350 billion (US$45 billion).

Liquidators emphasized that this is not the final total debt amount. Firstly, because debt filing has not yet closed, and secondly, received debt claims still need formal adjudication.

Meanwhile, liquidators are also accelerating asset realization. According to liquidator reports, current partial asset realization totals approximately HK$2 billion (US$255 million). Of this, approximately HK$81.7 million (US$11 million) comes from assets directly held by China Evergrande, while the remaining approximately HK$1.9 billion (US$244 million) comes from assets held by subsidiaries. However, the latter may not necessarily be fully available for China Evergrande's use.

"The liquidation of any company or group of significant scale is a lengthy process. Given the scale and complexity of this group's business, this is further amplified in this company's case," liquidators stated in their report. China Evergrande owns over 3,000 legal entities across multiple jurisdictions, approximately 1,300 projects under construction in over 280 cities, and its property management services business involves 3,000 projects. "Liquidators are making every effort to advance rapidly."