恒大退市，遗留的三大问题

Core Viewpoint - The delisting of Evergrande from the Hong Kong Stock Exchange marks the end of its presence in the capital market, but the underlying issues involving creditors, investors, and homebuyers remain unresolved and increasingly complex [2][8]. Group 1: Company History and Financial Performance - Evergrande was listed on November 5, 2009, becoming the largest private real estate company in Hong Kong. By 2016, it achieved sales of 373.4 billion yuan, becoming the industry leader with total assets exceeding 1 trillion yuan, and entered the Fortune Global 500 [4]. - Since 2020, Evergrande has faced significant financial difficulties, with a debt exceeding 2.4 trillion yuan and record losses of over 800 billion yuan over two years. The company also faced allegations of financial fraud, inflating revenues by over 560 billion yuan and profits by over 90 billion yuan [5][6]. Group 2: Debt Repayment Challenges - Evergrande's debt structure is complex, involving various creditors including banks, trusts, suppliers, and overseas bondholders. The company has been unable to reach an agreement with all creditors, leading to a court-ordered liquidation in January 2024 [10][12]. - As of July 31, 2025, the liquidators received 187 claims totaling approximately 350 billion Hong Kong dollars (about 45 billion USD), while the value of directly controlled assets was around 27 billion Hong Kong dollars (about 3.5 billion USD) [11]. Group 3: Asset Liquidation and Legal Issues - The liquidation process is complicated by Evergrande's extensive corporate structure, which includes over 3,000 legal entities across multiple jurisdictions and approximately 1,300 ongoing projects in over 280 cities [12]. - The liquidators are prioritizing the sale of Evergrande's property management assets to maximize creditor recovery and have initiated legal actions against key executives to recover approximately 6 billion USD in dividends and compensation paid between 2017 and 2020 [13][19]. Group 4: Progress on Home Delivery - Evergrande has made progress in delivering homes, with over 1.2 million units completed and delivered since the debt crisis began in 2021. The company claims that over 95% of sold residential units have been built and delivered [16][17]. - The Chinese government has intervened to ensure homebuyers' rights are protected, emphasizing that funds must be used to complete home deliveries rather than being diverted to creditors [17]. Group 5: Executive Accountability - Legal actions against executives, including founder Xu Jiayin and former executives, are ongoing, with asset freezes in place to prevent the transfer of wealth during litigation [20][24]. - The actions of Xu Jiayin and his ex-wife, who are under scrutiny for potential asset concealment, highlight the challenges in recovering funds for creditors [21][22].