A Hong Kong court ordered the liquidation of China Evergrande, the world’s most indebted property developer.
Evergrande has assets of about $245 billion, but owes about $300 billion.
Its demise is a “controlled collapse,” but still raises systemic risk and will hurt investors, says an analyst.
Probably won’t hurt the investors, they’ll get paid. But all the individual contractors who worked for the company are very unlikely to actually see payment.