From $51 Billion to Nothing, Evergrande’s Delisting Hits China’s Economy, Banks Collapse One by One

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From $51 Billion to Nothing, Evergrande’s Delisting Hits China’s Economy, Banks Collapse One by One
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From $51 Billion to Nothing, Evergrande’s Delisting Hits China’s Economy, Banks Collapse One by One

By China Observer

On August 25 at 9 a.m., China’s largest publicly listed property developer, Evergrande, was officially delisted after more than 18 months of suspension, ending its 16 years on the market. At its peak, Evergrande’s market value exceeded 50 billion US dollars, and founder Xu Jiayin topped Forbes’ Asia Rich List in 2017.
Evergrande’s growth was built on massive debt of around 330 billion US dollars, earning it the title of the world’s most indebted developer. It was once known as the “dividend king” of Hong Kong stocks. Between 2016 and 2020, the company paid out more than 70 billion Hong Kong dollars in dividends.
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