China's embattled property sector took a major blow after China Evergrande, one of its flagship developers, was ejected from the Hong Kong stock exchange.

BANGKOK (AP) — Shares in China Evergrande were removed from the Hong Kong Stock Exchange on Monday, marking another step in the retreat of the giant real estate developer whose downfall contributed to a prolonged crisis in China’s property market.

The developer, which specialised in residential apartments, shook global markets after a 2021 default on offshore bonds alerted the world to a cash crunch in China’s property sector. Evergrande ’s shares had been suspended since January last year,