China Evergrande's Liquidation: What's Next for the World's Most-Indebted Developer?

A Hong Kong court has ordered China Evergrande, the world's most indebted developer, to be liquidated, potentially sending shockwaves through Chinese capital and property markets. The liquidation process involves appointing provisional and official liquidators to sell the developer's assets to repay debts, with potential for a new debt restructuring plan or a white knight investor. Creditors may only recover a small fraction of their debt, and the liquidation could have significant implications for China's property market, but it does not offer a blueprint for other embattled developers.