Evergrande ordered to liquidate

A Hong Kong court has ordered the liquidation of Evergrande, the heavily indebted property giant, after it failed to follow through on a restructuring plan. The decision, made public on Monday, comes in the wake of the company's inability to meet the commitments it agreed to during a court-granted relief period in December. The announcement triggered a sharp 20% drop in Evergrande's share prices in the Hong Kong market, prompting a suspension of trading.