India, Aug. 25 -- China Evergrande Group, once the country's largest property developer and a symbol of its rapid urban growth, has been formally delisted from the Hong Kong Stock Exchange, marking the collapse of one of the world's most indebted companies.

The move comes after trading in Evergrande's shares was suspended in January 2024, when a Hong Kong court ordered the company's liquidation. At its peak in 2017, Evergrande's market capitalization exceeded $50 billion. By the time of delisting, it had plunged to just over $280 million, with shares losing more than 99% of their value.

Evergrande's downfall stems from years of aggressive expansion fueled by more than $300 billion in borrowing. The company defaulted in 2021 after Beijing'...