A Hong Kong court has delivered a liquidation order to China Evergrande Group, marking a major turn of events for the troubled property developer. According to the ruling of High Court Justice Linda Chan, there has been an «obvious lack of progress» from Evergrande in presenting a viable restructuring plan.

The liquidation order is a response to a petition filed by Top Shine – an investor in an Evergrande subsidiary – claiming that the developer had failed to honor a share repurchase order. Trading in Hong Kong was also halted for Evergrande and its affiliated companies following the ruling.