8 月 25 日，中国恒大正式从港交所退市。一个曾经代表着中国房地产黄金时代的巨轮，迎来了悲剧而又符合多数人预期的结局。 点击上图▲立即收听 " 退市，只是意味着恒大在资本市场的落幕，但并不意味着问题的终结。债权人、投资人购房者等多方的权益和诉求，以及在法庭上的重重对垒，都让问题变得更 加复杂。 " 文 / 巴九灵（微信公众号：吴晓波频道） 图源：恒大清盘报告 恒大上市 16 年，高光与动荡都来得轰轰烈烈。 2009 年 11 月 5 日，恒大敲钟，成为港股最大内地民营房企。 2016 年，它凭借 3734 亿元 销 售额成为行业第一，总资产突破万亿元，并跻身世界 500 强。次年，它将公司创始人许家印推上了中国首富的宝座。 自 2020 年起，这艘巨轮便开始漏水，逐渐倾覆。它的降负债战略未能缓解危机， 2021 年其流动性问题公开，商票逾期、财富产品违约，并于 年底启动债务重组。 在恒大危机爆发后，境外债权人开始了漫长的追债之路。 2022 年 6 月，呈请人佳盛环球因恒大未能偿还 8.625 亿港元的境外融资款项，向香 港高等法院提出清盘呈请。在随后的 2 年时间里，清盘聆讯被 7 次延期，恒大方面多次尝 ...

Core Viewpoint - The article discusses the dramatic shift in public perception of Xu Jiayin, the chairman of Evergrande Group, from a celebrated figure to one surrounded by secrets and controversies following the company's financial collapse. Group 1: Financial Situation - Evergrande has accumulated a staggering debt of 2.8 trillion yuan, leading to its classification as China's "first debtor" [3] - During the restructuring period, it was reported that 50 billion yuan in cash was secretly siphoned off, raising concerns about financial misconduct [3] Group 2: Public Image and Secrecy - Prior to the financial crisis, Xu Jiayin was viewed as a prominent and successful businessman, but this image has been tarnished, revealing a series of hidden issues [3][5] - The article highlights the challenges in uncovering the secrets surrounding Xu Jiayin, suggesting that they may be deeply buried in various domains such as culture, wealth, and debt [5] Group 3: Investigative Challenges - Identifying the individuals connected to Xu Jiayin's secrets poses significant difficulties, as many have been involved in financial dealings with him [7] - The article suggests that a combination of judicial, administrative, and social methods will be necessary to effectively uncover the secrets associated with Xu Jiayin [7]