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.

Shares in China Evergrande, the real estate developer whose downfall led a collapse in the country’s property market, have been delisted from Hong Kong's stock exchange as creditors work to wind up debts that totaled over $300 billion.

Chinese property giant Evergrande was removed from the Hong Kong Stock Exchange on Monday, more than a year after the city's court ordered the indebted real estate developer to be liquidated.