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vergrande, once China's largest property developer with a stock market valuation of over $50bn, is being delisted from the Hong Kong stock market after more than 15 years of trading. The move marks a grim milestone for the company, which has been struggling under the weight of its massive debts. Experts say the delisting was inevitable and final.

    Evergrande's collapse has had far-reaching consequences for China's economy, with many experts attributing it as the biggest drag on the country's growth. The property sector accounted for a third of the Chinese economy and was a major source of income for local governments. However, the industry's woes have led to massive layoffs, pay cuts, and a decline in consumer spending.

    The crisis has also had a significant impact on households, with many families seeing their savings fall in value due to plummeting housing prices. Beijing has responded by announcing various initiatives aimed at reviving the housing market and stimulating consumer spending. Despite these efforts, China's growth has slowed to around 5%, which is still considered sluggish for a country that once experienced over 10% annual growth.

    The property crisis is far from over, with several other Chinese developers facing major challenges. Country Garden, a rival real estate giant, is struggling to secure a deal with its creditors to write off billions of dollars in outstanding debt. Experts predict that more Chinese property firms will collapse, and the market may not recover until 2027.

    The Chinese government has chosen not to directly bail out developers, instead opting for measures aimed at supporting the economy as a whole. While these initiatives seem to be having a positive impact on the property market, experts warn that there is no real light at the end of the tunnel. Beijing's priorities now lie elsewhere, with President Xi Jinping focusing on high-tech industries like renewable energy and electric cars.

    Evergrande's delisting marks a significant turning point for China's economy, which is undergoing a deep transition to a new age of development. The country's growth has slowed, and its once-booming property market has become a major drag on the economy. While Beijing has taken steps to address the crisis, experts predict that it will take time for the market to recover.