Evergrande: From China's Top Property Developer to Stock Delisting
Once valued at over $50 billion, Evergrande's market value has plummeted by over 99% since 2017, leading to its delisting from the Hong Kong stock exchange and a significant impact on China's real estate sector.
EvergrandeReal EstateChinaProperty MarketDelistingReal Estate NewsAug 25, 2025
Evergrande defaulted on its $300 billion debt in 2021 after being unable to repay it. A Hong Kong court issued a winding-up order for the company in January 2024, citing its failure to present an acceptable debt repayment plan. The liquidators have since tried to recover creditors' investments, including suing PwC and its mainland Chinese arm over their role in auditing the financially troubled developer.
Evergrande's collapse has had a major impact on China's property market, with national property sales and price growth slowing down. The downturn has only worsened, with prices across China falling by nearly a fifth in March, according to data from the Bank for International Settlements. At the time of its collapse in 2024, Evergrande and its subsidiaries were working on some 1,300 projects in over 280 cities.
Along with its real estate projects, Evergrande also invested in electric vehicle production and serviced 3,000 projects through its property management business. In March 2024, the company was fined $580 million after Beijing's securities regulator found it had inflated its revenues by nearly $80 billion in 2019 and 2020. The Chinese government has been struggling to revive the declining property market amid the ongoing crisis.
Frequently Asked Questions
What was Evergrande's peak market value?
Evergrande's peak market value was over $50 billion, which it reached in 2017.
When was Evergrande delisted from the Hong Kong stock exchange?
Evergrande was delisted from the Hong Kong stock exchange in 2024 after an 18-month trading suspension.
How much debt did Evergrande default on in 2021?
Evergrande defaulted on $300 billion in debt in 2021.
What impact has Evergrande's collapse had on China's property market?
Evergrande's collapse has led to a significant slowdown in China's property market, with national property sales and price growth declining and prices falling by nearly a fifth in March 2024.
What other businesses did Evergrande invest in?
Evergrande invested in electric vehicle production and operated a property management business that serviced 3,000 projects.
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