Chinese property giant Evergrande’s shares were taken off the Hong Kong stock market after more than a decade and a half of trading.
It marks a grim milestone for what was once China’s biggest real estate firm, with a stock market valuation of more than $50bn. That was before its spectacular collapse under the weight of the huge debts that had powered its meteoric rise.
Experts say the delisting was both inevitable and final.
Liquidators revealed that Evergrande’s debts currently stand at $45bn and that it had so far sold just $255m of assets. They also said they believe a complete overhaul of the business “will prove out of reach”.
The next liquidation hearing is due to take place in September.