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.

Evergrande — once one of China's biggest property developers — is having its shares delisted from Hong Kong's stock exchange. The company's spectacular rise mirrored China's ascent on the global stage. Its ruinous downfall over the last few years threatened to weigh down the world's second-largest economy.

The Hong Kong Stock Exchange delisted Evergrande, marking another significant step in the downfall of the indebted Chinese developer. Evergrande has been in liquidation proceeding