A judge in Hong Kong has ordered a huge Chinese real estate company to wrap up and liquidate.

I'm David Brancatrio Evergrand was once China's biggest property developer, but China's property market is a mess and the firm

had been struggling to reach a new deal with its creditors to stave off collapse, but today

a Hong Kong judge ordered the company to liquidate to sell off its assets.

Here's Marketplace's Kristen Schwab.

Evergrand is one of the biggest Chinese developers to collapse since 2020

when the government started cracking down on extreme

borrowing to cool the country's property bubble. Since then dozens of

developers have defaulted on their debts. Evergrand owes banks and bondholders

$300 billion.

The court has appointed liquidators to manage the company and sell its assets to pay off its

debt, though much has already been sold or seized. Once that's done, the company will no longer exist.

Experts say Evergrands fall is a big setback for China's real estate industry, which used to make up about a quarter of the country's GDP.

Meanwhile, the world's second largest economy continues to try to recover from pandemic lockdowns.

I'm Kristen Schwab for Marketplace.

Evergrand stock fell 21% today and it is unlikely but not impossible China's government might try a rescue.

Today the country's Vice Premier called for more government support of companies listed on

Chinese stock markets. The key stock index in Shanghai has fallen 26% since this time last year.

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