Embattled property giant China Evergrande Group said Tuesday it will delist from Hong Kong Stock Exchange as a heavier-than-expected debt burden weighed on its liquidation process.The Hong Kong bourse’s listing committee decided to cancel Evergrande’s listing as it had failed to meet a July deadline to resume trading, according to an exchange filing.Once China’s biggest real estate firm, Evergrande was worth more than $50 billion at its peak and helped propel the country’s rapid economic growth in recent decades.But it defaulted in 2021 and became emblematic of the years-long crisis in the country’s property market.A Hong Kong court issued a winding-up order for Evergrande in January 2024, ruling that the company had failed to come up with a debt repayment plan that suited its creditors.Evergrande’s shares on the Hong Kong stock exchange were suspended that month.Liquidators have made moves to recover creditors’ investments, including filing a lawsuit against PwC and its mainland Chinese arm for their role in auditing the debt-ridden developer.Evergrande’s share listing will be cancelled on August 25, according to Tuesday’s filing, which was attributed to liquidators Edward Middleton and Tiffany Wong.Middleton and Wong said in an attached progress report that Evergrande’s debt load was bigger than the previously estimated $27.5 billion.”As at 31 July 2025, this claims’ discovery exercise had resulted in 187 proofs of debt being submitted, by which claims of approximately HK$350 billion (US$45 billion) in aggregate have been made,” the document read.This figure was not to be taken as final, Middleton and Wong added.”The liquidators believe that a holistic restructuring will prove out of reach” at this stage, the duo wrote.China Evergrande Group was a holding company and the liquidators said they had assumed control of more than 100 companies within the group.They said in the report that they were not able to “estimate the amounts that may ultimately be realised from these entities”.The property behemoth’s market value was only around $274 million when share trading was suspended, and its founder Xu Jiayin owned a roughly 60 percent stake at the time, Bloomberg News reported.”Whether or not there’s a delisting, Evergrande’s shareholders will likely have to prepare for near-total loss,” Bloomberg Intelligence analyst Kristy Hung told the news outlet before the delisting was announced.”The developer’s liquidation and substantial claims from creditors who are ahead in the order suggests equity holders face material risk of getting nothing,” Hung said.

Labourer Shuai Hang went a week without work earlier this year when sky-high US tariffs on Chinese goods overwhelmed the warehouse he works at and slowed the company’s US-bound parcels to a trickle.But on Tuesday, after US President Donald Trump announced a truce on those duties would be extended, the depot in southern China’s manufacturing hub Guangzhou was alive with noise as workers stuffed trucks with packages of clothes and kitchenware.Many are destined for the doorsteps of US customers of Chinese-founded online shopping giant Temu.”Tariffs impact our daily lives,” said 31-year-old Shuai, whose monthly pay of more than 10,000 yuan ($1,400) had dropped by a third previously.”If tariffs are slightly lower, then there are more outgoing shipments, and then we have higher wages,” he said.Trump’s tariff policies since taking office have upended global trade and set off a blistering tit-for-tat with Beijing — but in May the two major economies agreed to a fragile truce, with each temporarily lowering levies on the other’s goods.That agreement was extended to November by Trump on Monday, hours before it expired.At the height of the tariffs, said Shuai, who has been loading parcels for Guangzhou-based logistics company Weijiang International for a year, “there was not a single truck” for him to fill, so he couldn’t work.Overall deliveries dropped by about 20 percent in May, according to Weijiang’s founder Xiong Wei, with the US market making up around a quarter of their cross-border business.But business has recovered since July, he said.Xiong said he hadn’t lost sleep over the looming expiration of the 90-day tariff truce this week, as he had expected it would be renewed.”We might have been worried in May, but now we are indifferent,” said Xiong. “We are used to it”.- ‘Cards reshuffled’ -These days the warehouse is sending out 100 tonnes of packages every 24 hours, with up to 70 trucks making trips.On Tuesday industrial fans whirred as sweat-slicked workers methodically scanned yellow, black and sage green bundles into lorries.Xiong’s company has recently invested in its own warehouse in Chicago. In many ways the uncertainty provided opportunity for smaller logistics companies like theirs, said manager Chen Weiyan, as they have taken the chance to expand their market. “The cards have been reshuffled,” he said. Around 30 percent of the parcels moved by Weijiang International end up in a different warehouse, this one owned by Temu-parent PDD, where they are unloaded, repacked and readied for a flight across the ocean.While the truce is welcome, Shuai, who packs three to four tonnes in a truck daily, said he still pays close attention to tariff news.”For those of us who have travelled over 1,000 kilometres to work here, we definitely don’t want frequent breaks. We all want to earn more money,” said the native of neighbouring Guizhou province.Working at the warehouse was less tiring than labouring at a construction site, and earning money had become more difficult in the past two years, he said.Chen, the manager, was bullish. “We will not give up this market,” he said. “Folks in America need our goods”.