Summary
Evergrande, once China's largest property developer, will be removed from the Hong Kong stock market after facing financial struggles due to massive debt. The company's collapse is notable as it once played a significant role in China's economy. Evergrande is now undergoing liquidation, impacting its projects and associated ventures.
Key Facts
- Evergrande will be delisted from the Hong Kong stock market.
- It was once valued at over $50 billion.
- The company collapsed under $300 billion in debt.
- Evergrande defaulted on some overseas debts after new borrowing rules in China.
- Its founder, Hui Ka Yan, was fined and banned from China's capital market.
- Liquidators are attempting to recover money from the company's assets.
- Evergrande had 1,300 projects in 280 cities at the time of its downfall.
- China's wider economy has been affected by the property sector's troubles.
