Liquidators of China Evergrande Group said on Tuesday they have sold about $255 million of its assets 18 months into China's largest debt liquidation process and taken control of more than 100 of the company's subsidiaries.

China Evergrande Group’s delisting marks a bleak milestone for the nation’s property sector, now in a fourth year of paralysis that continues to weigh down the world’s second-largest economy.

The company received a letter from the regulator informing it that the Hong Kong stock exchange listing committee has decided to cancel Evergrande Group’s listing.