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 cred

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