Odisha Chief Electoral Officer (CEO) has scheduled a meeting on May 11, 2026 with a delegation of the Biju Janata Dal (BJD) with regards to latter’s allegation regarding “illegal” issuance of second ballot to two Bharatiya Janata Party (BJP) MLAs during Rajya Sabha election
Prabhas-starrer Fauzi shoot halted after fatal accident kills crew member, 5 injuredThe big-budget film faces indefinite production suspension after a tragic accident resulted in one death and multiple injuries near Hyderabad. May 6, 2026, 16:21:20 IST Written by Monica Yadav Share via Copy link
Himanta to return? Who will be Assam's new chief minister after BJP's poll win?BJP secured a majority in the state, winning 82 of the total 126 seats in the Assam Assembly. Published on: May 06, 2026 4:52 PM IST By Arya Mishra Share via Copy link The Bharatiya Janata Party has managed to retain
‘BJP won’t let funds reach us’: Akhilesh Yadav on why Samajwadi Party cut ties with I-PACFounded by political strategist-turned-politician Prashant Kishor, I-PAC is known for managing high-profile election campaigns across the country. Updated on: May 06
Land dispute pits BJP MLAs against each other in UP's UnnaoLand dispute pits BJP MLAs against each other in UP's Unnao Published on: May 06, 2026 4:24 PM IST PTI Share via Copy link Unnao , A land dispute in Uttar Pradesh's Unnao district has pitted two Bharatiya Janata Party MLAs against each
Chinese property giant Evergrande to be delisted after spectacular fall
Chinese property giant Evergrande to be delisted after spectacular fall
Chinese property giant Evergrande's shares will be taken off the Hong Kong stock market on Monday after more than a decade and a half of trading.
It marks a grim milestone for what was once China's biggest real estate firm, with a stock market valuation of more than $50bn (£37.1bn). That was before its spectacular collapse under the weight of the huge debts that had powered its meteoric rise.
Experts say the delisting is both inevitable and final.
"Once delisted, there is no coming back," says Dan Wang, China director at political risk consultancy Eurasia Group.
Evergrande is now best-known for its part in a crisis that has for years dragged on the world's second-largest economy.
Just a few years ago Evergrande Group was a shining example of China's economic miracle.
Its founder and chairman Hui Ka Yan rose from humble beginnings in rural China to top the Forbes list of Asia's wealthiest people in 2017.
His fortune has since plummeted from an estimated $45bn in 2017 to less than a billion, his fall from grace as extraordinary as his company's.
In March 2024, Mr Hui was fined $6.5m and banned from China's capital market for life for his company overstating its revenue by $78bn.
Liquidators are also exploring whether they can recover cash for creditors from Mr Hui's personal property.
At the time of its collapse, Evergrande had some 1,300 projects under development in 280 cities across China.
The sprawling empire also included an electric carmaker and China's most successful football team, Guangzhou FC, which was kicked out of the football league earlier this year after failing to pay off enough of its debts.
Evergrande was built on $300bn (£222bn) of borrowed money, earning it the unenviable title of the world's most indebted property developer.
The rot set in after Beijing brought in new rules in 2020 to control the amount big developers could borrow.
The new measures led Evergrande to offer its properties at major discounts to ensure money was coming in to keep the business afloat.
Struggling to meet interest payments, the firm soon defaulted on some of its overseas debts.
After years of legal wrangling, the Hong Kong High Court ordered the company to be wound up in January 2024.
Evergrande's shares had been under threat of delisting ever since because they were suspended from trading after the court order.
By that point the crisis engulfing the firm had wiped more than 99% from its stock market valuation.
The liquidation order came after the company was unable to offer a workable plan to shed billions of dollars of overseas liabilities.
Earlier this month, liquidators revealed that Evergrande's debts currently stand at $45bn and that it had so far sold just $255m of assets. They also said they believe a complete overhaul of the business "will prove out of reach".
The "delisting now is surely symbolic but it's such a milestone," Ms Wang says.
All that remains is which creditors are paid and how much they can get in the bankruptcy process, says Professor Shitong Qiao from Duke University.
The next liquidation hearing is due to take place in September.
China is facing a number of major problems, including US President Donald Trump's tariffs, high local government debt, weak consumer spending, unemployment and an ageing population.
But experts say Evergrande's collapse, along with the serious problems faced by other developers, has hit the country hardest.
"The property slump has been the biggest drag on the economy, and the ultimate reason why consumption is suppressed," Ms Wang says.
This is particularly problematic as the industry accounted for about a third of the Chinese economy and was a major source of income for local governments.
"I don't think China has found a viable alternative to support its economy at a similar scale," Professor Qiao says.
The property crisis has led to "massive layoffs" by heavily-indebted developers, Jackson Chan from financial markets research platform Bondsupermart says.
And many real estate industry employees that kept their jobs have seen big pay cuts, he adds.
The crisis is also having a major impact on many households as they tend to put their savings into property.
With housing prices dropping by at least 30%, many Chinese families have seen their savings fall in value, says Alicia Garcia-Herrero, chief economist for Asia Pacific at French bank Natixis.
This means they are less likely to spend and invest, she adds.
In response, Beijing has announced a raft of initiatives aimed at reviving the housing market, stimulating consumer spending and boosting the wider economy.
They range from measures to help new home owners and support the stock market to incentives to buy electric cars and household goods.
Despite the hundreds of billions of dollars Beijing has poured into the economy, China's once-blistering growth has eased to "around 5%".
While most Western countries would be more than happy with that, it's slow for a country that saw growth of more than 10% a year as recently as 2010.
In short, probably not.
Even as Evergrande continues to grab headlines, several other Chinese property firms are still facing major challenges.
Earlier this month, China South City Holdings was handed a winding up order by Hong Kong's High Court, making it the biggest developer to be forced into liquidation since Evergrande.
Meanwhile, rival real estate giant Country Garden is still trying to secure a deal with its creditors to write off more than $14bn of outstanding foreign debt.
After a series of postponements, its next High Court liquidation hearing in Hong Kong is due to take place in January 2026.
"The whole property sector has been in trouble. More Chinese property firms will collapse," Professor Qiao says.
While the Chinese government has taken a number of measures to help shore up the property market and support the economy as a whole it has not swooped in to directly bail out developers.
Mr Chan says these initiatives seem to be having a positive impact on the property market: "We think the bottom [has been reached] and it should be in a slow recovery. However, we probably don't expect the recovery to be very strong."
Wall Street investment giant Goldman Sachs warned in June that property prices in China will continue to fall until 2027.
Ms Wang agrees, and estimates that China's stricken property market will "hit the bottom" in around two years when demand finally catches up with supply.
But Ms Garcia-Herrero puts it in starker terms: "there is no real light at the end of the tunnel."
Beijing has sent a "clear message on its intention of not bailing out the housing sector," Ms Wang adds.
The Chinese government has been careful to avoid the kind of measures that could encourage further risky behaviour by an already heavily indebted industry.
And while in the boom times, the property market was a key driver of China's economic growth, the ruling Communist Party's priorities now lie elsewhere.
President Xi Jinping is more focussed on high-tech industries like renewable energy, electric cars and robotics.
As Ms Wang puts it, "China is in a deep transition to a new age of development."
Source: BBC
Related Posts: Chinese property giant Evergrande delisted after spectacular fall Why should I care about the crisis-hit Chinese property giant Chinese AI unicorn MiniMax soars 109 percent in Hong Kong debut Chinese national deported to Hong Kong Why Chinese tech companies are racing to set up in Hong Kong Founder of China's Evergrande pleads guilty to fraud Cargo Plane Skids Off Runway At Hong Kong Airport Two dead after cargo plane skids off Hong Kong runway into sea A Chinese lab starts to tackle a giant mystery in particle physics Chinese EV giant BYD sees UK sales soar by 880%
‘Nobody wanted to talk to me’: Harvard-educated VC on failure and feeling like an outsiderAmy Wu Martin, a Harvard-educated venture capitalist, has opened up about her childhood as an immigrant in the United States. Updated on: May 06, 2026 4:02 PM IST By Sanya Jain Share via Copy link A
1 days ago
Congress leader Rahul Gandhi on Wednesday alleged that roughly every sixth MP of the Bharatiya Janata Party in the Lok Sabha had won elections through “vote theft” and claimed the party would not secure even 140 seats if elections were conducted fairly
1 days ago
Bryson DeChambeau says he will focus on growing his YouTube channel and only "play tournaments that want me" if LIV Golf does not survive. The future of the breakaway series was plunged into doubt when Saudi Arabia announced it will withdraw its multibillion dollar backing at the end of the year
1 days ago
Washington is reportedly nearing a breakthrough with Tehran on a preliminary deal to de-escalate tensions and pave the way for nuclear talks. The proposed one-page memorandum of understanding includes Iran halting nuclear enrichment, the US lifting sanctions and releasing frozen funds
1 days ago
The U.S. Military launched another strike on Tuesday (May 6, 2026) on a vessel suspected of transporting drugs in the eastern Pacific Ocean, killing three men. The attack came a day after U.S. forces struck an alleged drug boat in the Caribbean Sea, killing two people.The U.S
1 days ago
"We're not just a story. We're not just headlines, we're people with families, with lives, with people waiting for us at home," said a tearful Jake Rosmarin. For the American travel vlogger on board the luxury cruise liner MV Hondius in the Atlantic ocean, a dream voyage has taken a deadly turn
1 days ago
Pakistani sportspersons will be able to participate in multilateral events in India, but will not be allowed to take part in bilateral tournaments held in the country, stated the Union government on Tuesday. The Ministry of Youth Affairs and Sports said in an office memorandum: “In so far as
1 days ago
Sanjay Raut and NCP (SP) back Mamata Banerjee's decision not to resign as West Bengal Chief Minister. They allege democratic processes were subverted and central agencies misused to influence the assembly poll outcome. Raut calls for unity against the Centre's dictatorship and the Election
1 days ago
Delhi’s notoriously toxic air may appear to be cleaner these days, but it could be hiding a bigger, quieter problem. According to a report in The Indian Express, while the national capital’s nitrogen dioxide and carbon monoxide levels have gradually declined over the years
1 days ago
Chinese foreign minister Wang Yi has called for the Strait of Hormuz to be reopened "as soon as possible" in talks with his Iranian counterpart. The pair met in Beijing on Wednesday on what is Iranian foreign minister Abbas Araqchi's first trip to China since the Iran war began
1 days ago
The Council for the Indian School Certificate Examinations (CISCE) on Thursday (April 30, 2026) announced the results of the ICSE (Class X) and ISC (Class XII) main examinations for 2026 with girls outperforming boys in both classes. Over 3.6 lakh students across India and abroad sat for the
1 days ago
Spirit release date postponed? Makers clarify on Sandeep Reddy Vanga film with Prabhas and Triptii DimriAmid ongoing speculations that the release date of Spirit has been postponed, the makers have issued a statement. The film stars Prabhas in the lead. May 6, 2026
1 days ago
Vivek Ramaswamy will run for the position of Ohio governor in November, after the staunch ally of US President Donald Trump emerged victorious in one of a series of primary contests held in the US Midwest. Projected results on Tuesday night showed the health-tech entrepreneur had defeated Casey
1 days ago
Two sides, both jolted out of rhythm just when they seemed unstoppable, now collide in a high-stakes showdown as Sunrisers Hyderabad locks horns with Punjab Kings at the Rajiv Gandhi International Stadium. The hosts were riding a wave of confidence
1 days ago
Should you avoid stepping out between 11 am and 4 pm in summer? Doctor shares 8 reasons your body can't handle the heatKnow why this common medical advice actually holds up and what changes your body undergoes when exposed to extreme heat during these hours. Published on: May 06
1 days ago
Bengaluru-based loyalty and customer engagement firm reported a 26% year-on-year (YoY) rise in operating revenue for the March quarter, driven by expansion within its existing customer base, new annual contracts, and integration of the Kognitiv business acquired last year
1 days ago
In 105 seats that the Bharatiya Janata Party won in West Bengal, the total number of voters deleted during the special intensive revision exceeds its margin of victory, according to a data analysis by Scroll. Of these, 86 are seats that the BJP has never won before
1 days ago
The rupee appreciated by 23 paise to 94.95 against the U.S. dollar in early trade on Wednesday (May 6, 2026) as Brent crude prices retreated from their elevated level after U.S. President Donald Trump hinted at a possible deal with Iran. Forex traders said oil prices fell to $108 per barrel
1 days ago
Synopsis: The Future of Knowledge Work Summit 2026 in Bengaluru explores how AI is transforming knowledge work and redefining roles and skills. This exclusive summit brings senior leaders together to understand the shift from automated tasks to the rising importance of human judgment, creativity
1 days ago
New Delhi, May 6 (PTI) Multi-brand restaurant operator Trimex Foods on Wednesday said it has bagged franchise rights for American Chinese dining brand Panda Express in India from a subsidiary of Panda Restaurant Group, Inc. Through this alliance
1 days ago
The Jharkhand Board on Wednesday announced Class 12th results on the official website of the Jharkhand Academic Council (JAC). Students who took the exams can access their results on jac.jharkhand.gov.in, jacresults.com by entering their roll number, roll code, and choosing their respective stream
1 days ago
Oil prices have dropped following reports that the US and Iran are close to a deal to end the war. Brent crude futures, the global benchmark oil price, fell to below $102 (£75) a barrel after the reports. The price was over $108 earlier in the day
1 days ago
Kyle Rittenhouse says ‘felons deserve the right to own guns'; sparks debateKyle Rittenhouse has sparked a debate with a post on X, where he suggested that felons should be given the right to own guns if they serve their time. Published on: May 06
1 days ago
Chinese Foreign Minister Wang Yi condemned US-Israel military actions as "illegitimate" during talks with Iranian counterpart Abbas Araghchi in Beijing. The meeting, part of Tehran's broader diplomatic tour, focused on a regional ceasefire, maritime security in the Strait of Hormuz
1 days ago
In a landmark decision aimed at bridging the educational divide in Maharashtra’s most challenging terrains, the Maharashtra State Cabinet has officially sanctioned the expansion of 24 tribal ashram schools. The meeting chaired by CM Devendra Fadnavis approved a strategic plan to upgrade five
1 days ago
The Aam Janata Unnayan Party led by former West Bengal minister Humayun Kabir has moved the Calcutta High Court alleging large-scale violence in Murshidabad district following the Assembly elections, Live Law reported on Wednesday. Kabir had been suspended by the Trinamool Congress in December
1 days ago
Pakistan athletes allowed in India, but bilateral sports ban stays as Government clarifies multilateral event policyIndia maintains a bilateral sporting ban with Pakistan but allows Pakistani teams to compete in multilateral events hosted in India. Published on: May 06
1 days ago
