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.

More than a year after China Evergrande Group’s liquidators began pursuing the wealth of key defendants, the high-profile case is now entering a critical phase.

China Evergrande (EGRNF), the property developer that exemplified the Chinese real estate crisis, will delist its stock as the company's liquidators now estimate its debt at $45B with no clear path for a "holistic restructuring,