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Investing.com -- China Evergrande (HK:3333) Group announced that its shares will be delisted from the Hong Kong Stock Exchange on August 25, with the last trading day set for August 22, according to a filing to HKEX.
The company’s shares will remain suspended from trading until the delisting takes effect.
This development comes as Evergrande’s court-appointed liquidators revealed on Tuesday that the developer’s debt burden is significantly larger than previously estimated, totaling approximately HK$350 billion ($45 billion).
The liquidators stated in a progress report that the company faces 187 debt claims, with the total amount far exceeding the $27.5 billion of liabilities disclosed in Evergrande’s financial statement from December 2022.
The liquidators cautioned that the newly reported debt figure should not be considered final, as additional claims may still emerge and all existing claims remain subject to formal review.
The liquidators also indicated that a "holistic" restructuring of the Chinese real estate firm is now considered out of reach given the scale of its debt obligations.
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