China Evergrande to Delist From Hong Kong Bourse
In the latest development in China’s property downturn, Evergrande has announced that it will be delisted from Hong Kong’s exchange later this month.
China Evergrande will be delisted from the Hong Kong Stock Exchange on August 25, according to a filing. This is because the firm failed to meet requirements to resume trading by July 28 after being suspended since January 29, when it announced it would wind up as per a court-issued order.
As of July 31, 187 proofs of debt have been submitted, claiming approximately HK$350 billion ($45 billion). According to liquidators Edward Middleton and Tiffany Wong, there is «no clear path to a viable, holistic restructuring of the group».
This marks another chapter in the fall of Evergrande, which was once China’s second largest property developer. Liquidators are now reportedly also targeting the assets of founder Hui Ka Yan.
