2.58万亿巨雷终局！恒大被勒令退市，许家印还能作妖吗？

Core Viewpoint - Evergrande Group has been officially delisted from the Hong Kong Stock Exchange, marking the end of its status as a major player in the Chinese real estate market due to prolonged financial difficulties and failure to present a viable restructuring plan [1][9]. Company Summary - Evergrande's financial mismanagement has resulted in a staggering debt of 2.58 trillion yuan, leading to its inability to submit financial reports for several years [3]. - The company had over 1,300 ongoing projects across China, impacting millions of homeowners who invested heavily in their properties [5]. - Despite its financial crisis, Evergrande managed to deliver over 1.2 million homes in the past four years, with over 95% of sold properties completed and handed over to owners [5]. - The company has entered a phase where its historical mission of stabilizing housing delivery is complete, making further investment in operations meaningless [5]. Industry Context - The real estate sector in China is experiencing severe oversupply, with many developers unable to sustain operations, leading to a significant industry adjustment [6]. - The speed of handling Evergrande-related companies has increased, with several subsidiaries entering bankruptcy proceedings [7][8]. - The delisting of Evergrande serves as a strong signal from the Hong Kong Stock Exchange, indicating a lack of value in the company and a shift in regulatory support [9]. - The broader real estate industry is expected to adapt to a "slow era" characterized by slow development, slow sales, low profits, and a focus on operations [12]. - Evergrande's downfall signifies the end of an era and the beginning of a new phase of reconstruction within the industry [13].