Chinese property developer Evergrande is ordered to liquidate, sending shares plunging

Shares of China Evergrande were halted after plunging over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled property developer.

It comes against the backdrop of a spiraling debt crisis in the country.

China Evergrande, which was once one of the country’s largest property developers, has in the last few years been enveloped in Beijing’s debt crisis.

The Wall Street Journal earlier reported that Evergrande’s overseas creditors failed to reach an 11th-hour deal this weekend to restructure, which could mean an imminent liquidation for the real estate developer.