MAJOR CRISIS IN CHINA PROPERTY SECTOR, EVERGRANDE ORDERED TO LIQUIDATE

A liquidation order for China's most debt-laden developer begins a drawn-out process for creditors that is likely to lay bare the depths of China's real-estate downturn and leave builders locked out of global debt markets as investors shun exposure.

A Hong Kong court appointed liquidators for China Evergrande on Monday, more than two years after its default brought a years-long property boom to a shuddering halt.

It has assets of $240 billion and is the world's most indebted developer with nearly $300 billion in liabilities. Markets expect foreign bondholders to be the biggest losers and owners of unfinished apartments to be prioritised.