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Evergrande's liquidation is ordered by Hong Kong court

HONG KONG -- A Hong Kong court on Monday ordered the liquidation of China Evergrande Group, the heavily indebted developer at the heart of the property crisis in Asia's biggest economy.

After Evergrande failed over the weekend to reach a deal to restructure more than $300 billion in liabilities, Justice Linda Chan granted a winding-up petition filed by offshore creditors more than a year ago.