Debt-laden Chinese property giant Evergrande has been ordered to liquidate by a court in Hong Kong.
Judge Linda Chan said “enough is enough” after the troubled developer repeatedly failed to come up with a plan to restructure its debts.
The firm has been the poster child of China’s real estate crisis with over $325bn (256bn) of liabilities.
When Evergrande defaulted two years ago it sent shockwaves through global financial markets.
The latest decision is likely to send further ripples through China’s financial markets at a time when authorities are trying to curb a stock market sell-off.
China’s property sector contributes roughly a quarter of the world’s second biggest economy.
Evergrande shares fe…
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