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Investing.com -- China Evergrande (HK:3333) Group will be delisted from Hong Kong’s stock exchange on August 25, according to Nikkei, citing a company announcement on Tuesday.
The delisting comes more than a year and a half after a Hong Kong court ordered the liquidation of the heavily indebted real estate developer in January 2024. The court had ruled that Evergrande failed to provide a viable restructuring plan for its $300 billion debt owed to banks and bondholders.
Trading of Evergrande shares has been suspended since the liquidation order was issued. According to Hong Kong’s listing rules, companies may have their listings canceled if trading in their securities remains suspended for 18 consecutive months.
The property developer received a letter on August 8 from the Hong Kong stock exchange notifying the firm of the decision to cancel its listing because trading had not resumed by July 28. The final day of listing will be August 22, and Evergrande stated it will not apply for a review of the decision.
Evergrande was once the world’s most heavily indebted real estate developer, with its financial troubles raising concerns about China’s rising debt burden and adding to the challenges facing mainland China’s property sector.
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