In October, another two listed real estate companies exited the capital market.

One is the state-owned Minmetals Land Development Company Limited, the other is the former rising star of the real estate industry, SK Real Estate Development Company Limited.

It can be observed that there are two major characteristics in the delisting of real estate companies currently listed on the market: passive delisting as the main method, and an increase in active privatization delisting.

According to CRIC statistics, since New Power Holdings became the first delisted real estate company in 2023, nearly 23 listed real estate companies have been delisted in A+H shares in just three years. Additionally, since 2021, seven real estate com

With the deep adjustment of the industry, a major trend is that real estate companies may continue to be delisted in the next 2-3 years, and a more thorough restructuring and reorganization of the real estate industry will accelerate.

23 Real Estate Companies Have Been Delisted from A+H Shares

According to the Hong Kong Stock Exchange's announcement on October 22nd evening, Shangkun Real Estate will be officially delisted on October 27th due to failing to meet the resumption of trading guidance requirements.

This is another real estate company that has been ordered to delist from the exchange after Evergrande's delisting on August 25th.

Shangkun Real Estate and Evergrande are the epitome of this wave of delisting.

Since 2021, with the continuous outbreak of real estate companies' liquidity crises and the deep adjustment of the industry, listed real estate companies have generally seen their performance decline. Some domestic real estate companies listed in Hon

According to the Hong Kong Stock Exchange's regulations, if a listed company suspends trading for 18 months, it will face the risk of being delisted. Although most real estate companies have successfully resumed trading after submitting their annual

In April 2023, XINLI became the first case of this round of delistings of H-share mainland real estate companies. As of October 27, 2025, 11 H-share mainland real estate enterprises have been forcibly delisted.

Unlike H shares, the delisting of A-share real estate companies mostly occurs when their stock prices fall below a face value of 1 yuan for 20 consecutive trading days, triggering the red line of "face value delisting", which is highly related to the

As of October 27, 2025, a total of 12 real estate companies have been delisted from the A-share market, with eight of them being delisted in 2023.

Until the 924 new policy was introduced in 2024, consecutive favorable policies began to restore confidence in the A-share real estate sector. Currently, the stock prices of listed real estate companies have basically moved away from the danger zone

However, some H-share listed real estate companies still have not lifted the risk of delisting

According to the announcement of the Hong Kong Stock Exchange, as of the end of September 2025, there were eight real estate enterprises or subsidiaries of real estate enterprises whose H shares were suspended from trading due to various reasons.

It is noteworthy that the suspension of trading of two companies, namely, Dangdai Property and Zhongyuan Construction, will expire in 2025. Failure to resume trading within the prescribed time may result in the cancellation of their listing status. D

The number of real estate companies gradually increases as they go private and withdraw from the market

In addition to the real estate companies that were delisted passively as mentioned above, the number of real estate companies choosing to go private and delist has increased significantly this year.

If passive delisting is like an exit of helplessness, then privatization is more like an active departure.

It was Shougang Real Estate that first announced the going private and delisting in September 2021, followed by four other companies, China Hongtai Development, Huafa Property, Shougang Ju Da, and Rongxin Service, who successively completed the proce

Dayeu and Wukuang Real Estate have begun to consider a privatization and delisting plan, indicating that the trend of privatization and delisting continues. This has become an important strategic choice for some real estate companies during the indus

The main reasons for the privatization and delisting of real estate enterprises and their subsidiaries can be summarized into the following three aspects:

Firstly, market and operating pressures continue to intensify

Several real estate companies are facing serious liquidity problems, with the financing function of their listed platforms being essentially lost. The stock prices have remained low for a long time, and the valuation continues to be low, making it di

Taking Minmetals Land as an example, the company has suffered consecutive losses in its net profit attributable to parents for three years since 2022, with a loss of 3.26 billion yuan in 2024. These operational pressures have become the direct induce

The second is the need for strategic adjustment and operational efficiency improvement

Privatization helps enterprises implement long-term strategies and enhance business flexibility. For example, DjoyCity Real Estate explicitly points out that privatization is conducive to streamlining regulatory frameworks, corporate structures, and

In addition, reducing regulatory costs is also an important factor. As a listed company, it needs to meet a series of regulatory requirements, which increases operating costs and management complexity. After privatization, these burdens can be reduce

Third, active response under the background of industry's deep adjustment

Due to the current deep adjustment in the real estate industry and complex and volatile market environment, the sales of real estate companies have been declining year by year. For example, the sales revenue of Wukang Real Estate has dropped from 26

Moreover, under the background of the long-term downturn in the real estate sector's stock prices, privatization can also help companies repair their valuation. For example, the current total market value of Joy City Properties is about HK$7 billion,

It is evident that privatization is not just a makeshift for real estate enterprises to cope with the current difficulties, but has become an important path for them to achieve strategic restructuring and value reconstruction in the industry transiti

In fact, the passive delisting and active privatization of real estate enterprises have jointly formed the current situation of liquidation and reconstruction in the industry's deep adjustment period. In the deep adjustment stage of the industry, thi

Facing this change, enterprises need to adapt to the new market environment and address the delisting challenges brought by industry downturn and low valuation through strategic adjustment and operational optimization.

This article comes from the WeChat public account: Ding Zuyi Comment on Real Estate Market