China (listed in Hong Kong) · Property development

China Evergrande Group insolvency: proceedings and outcome

China Evergrande Group, a property developer, missed offshore bond coupon payments in 2021 and later proposed an offshore debt restructuring. On 29 January 2024 the High Court of Hong Kong ordered the company to be wound up on a petition filed in June 2022 by investor Top Shine Global. Its Hong Kong listing was cancelled on 25 August 2025 while liquidators continued to collect claims and realise assets.

Ongoing Evergrande is in court-ordered liquidation in Hong Kong. Liquidators reported asset sales of about 255 million USD by August 2025 against claims of about 45 billion USD.^3,4

Liabilities as reported by Bloomberg at the date of the winding-up order. AP reported that liquidators had received debt claims of 45 billion USD as of 31 July 2025 and controlled over 100 companies with collective assets valued at 3.5 billion USD as of 29 January 2024. Figures as of 29 January 2024.^1,3

Proceedings

Timeline

1. September 2021Evergrande missed two offshore bond coupon payments totalling 131 million USD, according to Reuters.⁴
2. March 2022Trading in Evergrande shares was suspended.⁴
3. June 2022Top Shine Global filed a winding-up petition in Hong Kong.^1,2
4. March 2023Evergrande announced offshore debt restructuring plans.⁴
5. September 2023The company said founder Hui Ka Yan was under investigation. AP reported he was detained in China on suspicion of committing crimes.^4,3
6. 29 January 2024Judge Linda Chan of the High Court ordered Evergrande to be wound up and its shares were suspended.^1,2,3
7. March 2024China's securities regulator fined onshore unit Hengda Real Estate about 4.18 billion yuan and fined Hui Ka Yan 47 million yuan with a lifetime securities market ban.^4,3
8. 25 August 2025The Hong Kong Stock Exchange cancelled Evergrande's listing. Reuters reported liquidators had sold 255 million USD of assets and received creditor claims of 45 billion USD.^4,3

Related actions

1. March 2024China Securities Regulatory Commission. Fined subsidiary Hengda Real Estate Group about 4.18 billion yuan over fraudulent bond issuance and illegal disclosure, and fined chairman Hui Ka Yan 47 million yuan with a lifetime ban from the securities market.^4,3
2. September 2024Chinese regulators. PwC was banned for six months and fined more than 400 million yuan over its role in auditing Evergrande, according to AP.³

Sources

1. The National (Bloomberg), China's Evergrande ordered to liquidate by Hong Kong court (29 January 2024)
2. BBC via RNZ, Evergrande: Crisis-hit Chinese property giant ordered to liquidate (29 January 2024)
3. Associated Press, China Evergrande to be delisted from Hong Kong stock exchange following debt woes (12 August 2025)
4. Reuters (via Tiger Brokers), TIMELINE: From default to delisting of Evergrande, world's most indebted developer (25 August 2025)