However,
Market: four years after shaking:
(BFM Stock Exchange) – The operator of the Hong Kong Stock Exchange. Consequently, has decided to cancel the rating of the property developer whose financial difficulties had raised fears of a systemic crisis in China.
The fallen mastodon of real estate in China. However, China Evergrande Group, is forced to bow out on the Hong Kong Stock Exchange. In addition, The property developer is preparing to see his action to be withdrawn from the Hong Kong place. Therefore, according to a document posted on Tuesday.
The company has received a letter indicating that “the stock market listing committee has decided to cancel the listing. In addition, of the company … because the company has not fulfilled any of the requirements established in the directives (…) imposed by the Stock Exchange and the negotiation of shares has remained suspended”, explains the document.
market: four years after shaking
“Lehman Brothers” chinois – Market: four years after shaking
Recall that from 2020. the Chinese government has decided to clean up the massive debt of the real estate sector by tightening access to the credit of promoters, which complicated the refinancing of major names in the sector, precipitating defects in payments.
Evergrande had formed the most striking example. its financial difficulties had agitated the specter of a Chinese “Lehman Brothers” in late 2021, when the company was lacking on its debt.
“It was the most publicized victim of a broader crisis in the country’s real estate promotion sector. The government had intervened to supervise the rescue. thus soothing the fears of a disorderly collapse which could have shaken the global economy,” underlined in 2023 the market specialist John Plassard, today at Cité Gestion.
A Hong Kong court had issued a liquidation order for Evergrande in January 2024. judging that the company had not proposed a market: four years after shaking debt repayment plan suitable for its creditors.
The rating of Evergrande’s shares on the Hong Kong Stock Exchange was then suspended.
Liquidators have taken measures to recover the investments of creditors. in particular by intending a trial against PWC (PricewaterhouseCoopers) and its continental Chinese branch for their role in the audit of the promoter riddled with debts.
Evergrande’s actions will be struck off on August 25. according to the document filed on Tuesday, awarded to Liquidators Edward Middleton and Tiffany Wong.
Middleton and Wong declared in an attached advancement report that the burden debt burden is higher than the 27.5 billion dollars previously estimated.
“As of July 31. 2025, this exercise of discovery of claims led to the submission of 187 debt evidence, thanks to which complaints of around $ 350 billion Hong Kong (45 billion US dollars) were made,” said the document.
This figure should not be considered final, market: four years after shaking added Middleton and Wong.
(With AFP)
J. M. – ©2025 BFM Bourse
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