Court orders China Evergrande property developer to liquidate after it failed to reach debt deal

Haha get fucked bourgeois

This is the best summary I could come up with:

The liquidation order is likely to impact China’s financial system, even as authorities try to prevent a selloff in the Chinese stock market.

Evergrande had been granted a brief reprieve in December after it said it was attempting to “refine” a new debt restructuring plan of more than $300 billion in liabilities.

Fergus Saurin, a lawyer representing an ad hoc group of creditors, said Monday he was not surprised by the outcome.

The judge is expected to provide more reasons for the liquidation order during a separate court session Monday afternoon.

Real estate drove China’s economic boom, but developers borrowed heavily as they turned cities into forests of apartment and office towers.

That has helped to push total corporate, government and household debt to the equivalent of more than 300% of annual economic output, unusually high for a middle-income country.

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