A Hong Kong court has ordered the liquidation of China Evergrande Group, the embattled Chinese property giant, as it faces over $300 billion in liabilities. The decision marks a significant development in the ongoing property crisis in China and comes after Evergrande failed to present a viable restructuring proposal. Evergrande’s troubles have been emblematic of a broader government crackdown on the property sector, with President Xi Jinping deeming the debt accumulated by such firms as a risk to China’s financial system. The liquidation order is expected to have implications for Evergrande’s assets and management as it navigates its financial challenges.