China Evergrande, a company that was once one of the fastest-growing real estate developers in the country, is set to be removed from the Hong Kong Stock Exchange. The company made its public debut in Hong Kong 16 years ago and quickly became a symbol of China’s booming property market.
At its peak, Evergrande seemed unstoppable, building projects in hundreds of cities across China. Investors were eager to buy shares, and the company’s rapid growth made headlines around the world. However, this success was built on a dangerous level of borrowing. By the time the company collapsed in 2021, it had amassed over $300 billion in debt, making it one of the most indebted companies in history.
Evergrande’s collapse tested China’s…