中國恒大集團的退市事件，標誌著中國房地產債務危機發展至一個具有象徵意義的轉折點。這家曾經是全球市值最高的房地產開發商之一，最終在長達數年的債務風暴中倒下。

2025年8月8日，香港聯合交易所正式通知恒大，將取消其上市地位，最後交易日定為8月22日。恒大方面並未申請復核，等同於接受退市的結果。8月25日，退市程序正式生效。此時的恒大早已失去昔日的輝煌，清盤人接管後發現其可變現資產總額僅約20億港元，即使算上旗下子公司的資產，依然遠遠無法填補巨額債務缺口。截至2025年7月，債權人申報的債務總額高達450億美元，甚至遠超過2022年時披露的275億美元負債數字，顯示財務黑洞遠比外界原先想像的要深。

回顧恒大的發展脈絡，2009年11月，恒大成功登陸香港聯交所，市值一度突破4000億港元，成為世界級的房企巨頭。然而，2020年中國監管部門開始嚴控房企高槓桿融資，恒大的資金鏈壓力逐漸顯現，流動性危機不斷惡化。2021年9月，恒大旗下的理財產品「恒大財富」爆雷，引發投資者抗議，並促使境外債務重組進程啟動，股票也因此長期停牌。2023年7月，恒大披露2021年至2022年合計虧損超過8000億元人民幣，刷新中國企業史上的虧損紀錄。同年9月，創辦人許家印因涉嫌違法被採取強制措施，事件震動整個中國商界。

2024年1月，香港高等法院向恒大頒布清盤令，股票停牌，清盤人接管包括恒大地產在內的超過100家子公司，當時帳面資產價值約35億美元。同年5月，中國證監會以財務造假為由，對恒大地產處以41.75億元人民幣罰款，並終身禁止許家印進入證券市場。到了2024年9月，普華永道因在恒大審計過程中的嚴重失職被罰款4億元人民幣，並被暫停執業半年。

2025年，恒大的債務與經營困境依然沒有改善，旗下的恒大汽車與恒大物業同樣面臨退市危機。最終，因停牌已滿18個月，恒大觸發港交所退市規則，正式被市場淘汰。這場退市，不僅是恒大自身的終局，更是中國房地產高槓桿擴張模式徹底破產的象徵，也為整個行業留下深刻的教訓。

The delisting of China Evergrande Group marks a symbolic turning point in China’s ongoing real estate debt crisis. Once the world’s most valuable property developer by market capitalization, Evergrande ultimately collapsed after years of financial turmoil.

On August 8, 2025, the Hong Kong Stock Exchange (HKEX) officially notified Evergrande that its listing status would be canceled, with the final trading day set for August 22. Evergrande did not apply for a review, effectively accepting the delisting decision. On August 25, the delisting process was formally completed. By this point, Evergrande’s former glory was long gone. Liquidators, upon taking over, found that its realizable assets totaled only about HKD 2 billion, even after including subsidiary assets—an amount far from sufficient to fill the massive debt gap. As of July 2025, creditor claims had reached USD 45 billion, far exceeding the USD 27.5 billion in liabilities disclosed in 2022, revealing that the financial hole was much deeper than initially believed.

Tracing Evergrande’s history, the company went public on the HKEX in November 2009, with its market value at one point exceeding HKD 400 billion, making it a global real estate giant. However, in 2020, Chinese regulators began cracking down on high-leverage financing in the property sector, gradually exposing Evergrande’s cash flow pressures and worsening liquidity crisis. In September 2021, the company’s wealth management arm, “Evergrande Wealth,” defaulted, sparking protests from investors and triggering the start of offshore debt restructuring. Trading in Evergrande’s shares was subsequently suspended for an extended period. In July 2023, Evergrande disclosed combined losses of over RMB 800 billion for 2021 and 2022, setting a record for the largest losses in Chinese corporate history. That September, founder Xu Jiayin was placed under compulsory measures on suspicion of illegal activities, shaking the Chinese business world.

In January 2024, the Hong Kong High Court issued a winding-up order against Evergrande, with its shares suspended and liquidators taking control of more than 100 subsidiaries, including Evergrande Real Estate, with a book value of around USD 3.5 billion. In May of the same year, the China Securities Regulatory Commission fined Evergrande Real Estate RMB 4.175 billion for financial fraud and permanently banned Xu Jiayin from the securities market. By September 2024, PwC was fined RMB 400 million and suspended from practice for six months for serious audit misconduct in Evergrande’s accounts.

By 2025, Evergrande’s debt and operational troubles remained unresolved, and its subsidiaries, such as Evergrande Auto and Evergrande Property Services, were also facing the risk of delisting. Ultimately, having been suspended from trading for 18 consecutive months, Evergrande triggered HKEX delisting rules and was officially removed from the market. This delisting not only marked the end for Evergrande but also symbolized the collapse of China’s high-leverage real estate expansion model, leaving a profound lesson for the entire industry.