A Hong Kong court has ordered one of China’s biggest property developers, Evergrande Group, to liquidate after it was unable to reach a restructuring deal with creditors over hundreds of billions of dollars it owes.

Key points:

• Evergrande has been ordered to liquidate after failing to come up with a restructuring deal with creditors over US$300 billion in debts owed
• The liquidator will now attempt to take control of Evergrande assets outside China, but there are fears that could pave the way for other lawsuits
• It could take years for the offshore liquidator to take control of subsidiaries across mainland China