Core Viewpoint - The article discusses the rise and fall of Xia Haijun, the former president of Evergrande Group, highlighting his financial maneuvers, the company's aggressive expansion strategy, and the subsequent debt crisis that led to his disappearance and legal troubles [4][11][93]. Group 1: Xia Haijun's Background and Rise - Xia Haijun was born in 1964 in Harbin and had a humble background, but he excelled academically, earning multiple degrees [23][24]. - He began his career at CITIC Group, where he demonstrated exceptional management skills, eventually becoming a prominent figure in the real estate industry [25][26][27]. - In 2007, he joined Evergrande as the vice chairman and later became the president, leading the company through a period of rapid growth [30][31][32]. Group 2: Evergrande's Expansion and Financial Strategies - Under Xia's leadership, Evergrande adopted a high-leverage strategy known as "three highs and one low," focusing on aggressive expansion through debt [49][50]. - The company saw significant revenue growth, with sales reaching 373.3 billion yuan in 2016, making it a leading player in the real estate market [43][45]. - Xia was known for his ability to secure financing from various sources, including banks and shadow banking, which contributed to Evergrande's rapid expansion [58][59]. Group 3: The Onset of the Debt Crisis - By 2021, Evergrande faced severe financial difficulties, with total liabilities soaring to 1.97 trillion yuan, leading to a liquidity crisis [72][93]. - The company's financial troubles became public when it failed to pay interest on its bonds, marking the beginning of a significant debt crisis [93][94]. - Xia Haijun's absence during the crisis raised suspicions, as he had reportedly begun selling off his assets before the crisis fully unfolded [86][87][88]. Group 4: Legal Troubles and Asset Freezing - Following the financial collapse, Xia became a target for creditors and regulatory authorities, with investigations into his financial practices [10][100]. - In 2022, a significant amount of funds (134 billion yuan) was discovered missing from Evergrande's accounts, leading to further scrutiny of Xia's actions [98][104]. - Hong Kong courts have since frozen Xia's assets, with claims against him and other executives for the recovery of misappropriated funds [123][125].

8月12日，中国恒大（03333.HK）公告称，8月8日，公司收到港交所发出的信函，表示基于公司未能满 足港交所对其施加的复牌指引中的任何要求，且股份一直暂停买卖并未于2025年7月28日之前恢复买 卖，港交所的上市委员会根据上市规则第 6.01A(1) 条已决定取消公司的上市地位。 #恒大地产广东公司破产清算##中国恒大取消上市地位#【恒大地产广东公司被广州市中级人民法院裁定 破产清算】8月22日，广州市中级人民法院在全国企业破产重整案件信息网发布公告称，该院已于8月20 日裁定受理恒大地产集团广东房地产开发有限公司（下称"恒大地产广东公司"）破产清算一案，并依法 指定清算组担任恒大地产广东公司管理人，恒大地产广东公司的债权人应在2025年11月20日前，向恒大 地产广东公司管理人申报债权。 这意味着，恒大地产广东公司已依法进入破产程序。 恒大地产广东公司为恒大地产集团全资子公司，但广东公司名下没有自主开发的地产项目。除恒大地产 广东公司外，此前全国已陆续有数十家"恒大系"公司进入破产程序，包括今年5月底宣告破产的恒大地 产控股平台公司凯隆置业。 8月20日，港交所宣布，自2025年8月25日上午9时起，中 ...

记者丨 程雪溶 编辑丨张伟贤 恒大地产：不影响保交楼，广东省内房屋已全部交付 "进入破产程序后，我们将配合法院做好相关工作。"恒大地产广东公司有关负责人在接受21世 纪经济报道记者采访时表示，作为恒大地产的一家区域公司，广东公司名下没有自主开发的地 产项目，不影响保交楼，并且该公司与下属公司均属独立法人，进入破产清算程序不会对下属 公司的自主经营产生实质影响。截至2024年底，广东省内恒大的保交楼工作已经全面完成，超 80个项目10万余套住房已全部交付。 恒大地产集团负责人说，2021年债务风险爆发后，当时有300多个项目停工，在极其困难的情 况下，各级政府保交楼工作专班及时协调施工单位、材料供应商等合作伙伴，推动全面迅速复 工复产。 四年来，集团在全国已交了超120万套房屋，包括广东、江苏、江西、海南、天津在 内的大部分省市已全面完成保交楼任务，目前全国已售住宅超过95%已经建成并交付给业主 2025年8月22日，广州市中级人民法院在全国企业破产重整案件信息网发布公告称， 该院已于 8月20日裁定受理恒大地产集团广东房地产开发有限公司（下称"恒大地产广东公司"）破产清 算一案。这意味着，恒大地产广东公司已依 ...

陆续将有"恒大系"公司进入破产程序。 2025年8月22日，广州市中级人民法院在全国企业破产重整案件信息网发布公告称，该院已于8月20日裁 定受理恒大地产集团广东房地产开发有限公司(下称"恒大地产广东公司")破产清算一案。这意味着，恒 大地产广东公司已依法进入破产程序。法律专家：公司依法破产清算，是市场正常行为 "恒大地产广东公司为恒大地产集团全资子公司，投资了多家地产项目公司，有大量的被执行案件，并 且没有财产可供执行，这说明该公司已经严重资不抵债，不能清偿到期债务，按照破产法等相关法律法 规要求，被裁定破产清算是必然结果。"广州某律所律师对21世纪经济报道记者表示。 上述律师续称，债权人依法对债务人提起破产清算申请，是除诉讼仲裁以外的一种有效追索求偿手段， 有利于维护债权人的合法权益。实际上，丧失清偿能力的公司被依法破产清算，是市场的正常行为，据 最高法统计数据，2024年全国法院受理破产案件共计超3.1万件，其中审结破产清算案件约2.9万件。 据上述律师介绍，在法院裁定破产清算后，后续将按照法定程序开展财产调查追收、债权申报审核、诉 讼案件应诉和财务审计等一系列工作，并通过召开债权人会议等方式表决重大事 ...

Core Viewpoint - China Evergrande Group's delisting from the Hong Kong Stock Exchange marks the end of its 16-year listing journey, highlighting the company's dramatic rise and fall in the real estate industry, culminating in a liquidity crisis and significant financial losses [2][3][4]. Group 1: Company Overview - China Evergrande was listed in 2009 with a market value exceeding HKD 700 billion, becoming the largest private real estate company in mainland China [2]. - The company achieved record sales in 2016 and its founder, Xu Jiayin, became the richest person in China in 2017 [2]. - By 2020, Evergrande announced plans to reduce debt and control its scale, but the situation deteriorated rapidly, leading to a liquidity crisis in 2021 [2][5]. Group 2: Financial Impact - As of June 2023, external investors held approximately 34% of China Evergrande's shares, with the stock price plummeting from around HKD 15 per share at the end of 2020 to HKD 0.163 before delisting, resulting in a market value of only HKD 21.52 billion [5][7]. - The company is now considered a "zombie stock," with little to no liquidity post-delisting, and shareholders face significant losses [7]. Group 3: Liquidation Process - The liquidation process is ongoing, with creditors claiming a total debt of approximately HKD 350 billion (USD 45 billion) as of July 31, 2025, while the assets under the liquidator's control are valued at around HKD 27 billion (USD 3.5 billion) [9]. - The liquidator has prioritized the monetization of Evergrande Property, which is seen as a crucial asset for creditors [9]. - Legal actions are being pursued against key figures in the company, including Xu Jiayin, to recover approximately USD 6 billion in misreported dividends and compensation [9]. Group 4: Industry Implications - The delisting of China Evergrande signifies a new phase of accelerated risk clearance in the real estate sector, with expectations of more companies facing delisting and liquidation [17]. - The ongoing financial distress of Evergrande and similar firms poses a broader risk to creditors, industry stakeholders, and homebuyers, indicating potential long-term impacts on the real estate market [17].

Core Viewpoint - The article discusses the recent developments surrounding Evergrande's former president, Xia Haijun, who has resurfaced in California after being absent for over four years, raising questions about his role in the company's crisis and potential asset recovery for creditors [3][5][6]. Group 1: Xia Haijun's Background and Actions - Xia Haijun, who was once a key figure in Evergrande, has been linked to significant asset transfers and has resisted disclosing his personal assets, leading to a temporary injunction on his wife's assets by the Hong Kong court [6][9]. - He played a crucial role in Evergrande's rapid expansion, implementing strategies that ultimately contributed to the company's financial troubles, including aggressive market entry into lower-tier cities and misleading financial reporting [16][12]. - Xia's early departure from Evergrande in July 2022, prior to the company's crisis, suggests a calculated move to protect his interests, as he had already acquired Canadian citizenship and transferred assets to family members [12][17]. Group 2: Current Developments and Implications - Xia Haijun's recent appearances in California, where he reportedly owns multiple luxury properties, have sparked speculation about his involvement in managing Evergrande's overseas assets and potential collaboration with Xu Jiayin, Evergrande's founder [7][19]. - The Hong Kong court's freezing of Xia's assets could expedite the asset recovery process for Evergrande's creditors if he is apprehended [20][24]. - Despite the potential recovery of Xia's assets, the scale of Evergrande's debt, exceeding 2 trillion yuan, means that even significant asset recovery would only address a fraction of the company's financial obligations [24][26].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has announced the cancellation of China Evergrande's listing status effective from August 25, 2025, at 9:00 AM [1] Group 1 - The cancellation is based on Article 6.01A(1) of the Listing Rules [1]

取消上市地位 【港交所：8月25日9时起，取消中国恒大集团的上市地位】#港交所发公告取消中国恒大上市地位# #25 日9时起中国恒大取消上市地位# 新京报讯 8月20日，香港交易所发布公告：8月25日9时起，中国恒大集 团的上市地位将予以取消 HKEX 香 港交 易 所 香港聯合交易所有限公司 (香港交易及結舞所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 關於 中國恒大集團(清盤中) (於開曼群島註冊成立之有限公司) (股份代號:3333) 聯交所已要求該公司刊發公告 · 交代其上市地位被取消一事 · 聯交所建議 · 該公司股東如對除牌的影響有任何疑問 · 應徵詢適當的專業意見 · 香港 · 2025年8月20日 香港聯合交易所有限公司(聯交所)宣布·由2025年8月25日上午9時起,中國恒大集 團(清盤中)(該公司)的上市地位將根據《上市規則》第6.01A(1)條予以取消。 聯交所宣布·由2025年8 ...

港交所宣布，2025年8月25日上午9时起，中国恒大的上市地位将根据《上市规则》第6.01A(1)条予以取 消。 ...

Core Viewpoint - The Hong Kong Stock Exchange announced that China Evergrande's listing status will be canceled on August 25, 2025, in accordance with Listing Rule 6.01A(1) [1] Group 1 - The cancellation of China Evergrande's listing status indicates significant regulatory action and potential implications for the company's future operations and investor confidence [1]