Hong Kong court orders Evergrande to liquidate

The news: China's property crisis has further intensified after a Hong Kong court ordered embattled developer Evergrande to liquidate, Reuters reports.

The numbers: Evergrande is the world's most indebted property developer, with liabilities of more than USD300 billion ($455.4 billion), and assets of around USD240 billion. It has been working on a USD28 billion debt restructuring plan for almost two years, but hopes of an 11th-hour deal with major creditors fell apart over the weekend.

The context: After defaulting on some of its loans in 2021, Evergrande has been at the centre of a liquidity crisis in China's property market, which accounts for roughly a quarter of China's national economy. Policymakers in Beijing are also struggling to turn the economic tide, faced with weak domestic demand, an ailing stock market and municipal government debt concerns.