"Landmark Liquidation: China's Evergrande Faces Property Crisis"

A Hong Kong court has ordered the liquidation of China Evergrande Group, the world's most indebted developer with over $300 billion in liabilities, which defaulted on its debt in 2021, exacerbating China's struggling property sector. The move is expected to impact China's financial markets and economy, complicating the ongoing efforts to rejuvenate growth. The liquidation process could take months or years to unfold, potentially affecting Evergrande's operations and home construction projects. This decision comes amid a series of liquidation orders for Chinese developers in the wake of the debt crisis.