From Dow Jones & Company:

Chinese property developer Evergrande faces liquidation after failing to restructure its debts. Talks with creditors broke down, leading to a Hong Kong court ordering the company’s liquidation. With over $300 billion in liabilities, this will have a significant impact on China’s real-estate industry. Evergrande’s stock has plummeted 90% in the past year, and trading was halted on Monday. The company’s fall comes as the Chinese government tightens lending and property values decline, putting pressure on developers to meet their financial obligations. This is a major development in China’s struggling real-estate sector.



Read more: Chinese developer Evergrande to be liquidated after debt talks fail: reports