A Hong Kong court has ordered that property developer China Evergrande Group be liquidated, finding that it has no credible restructuring plan to deal with its liabilities, which amount to more than $300 billion. The company defaulted on a bond repayment in 2021 and uncertainty about its future has contributed significantly to the weakness in the Chinese property market since then.

Company officials have said that operations will continue for now despite the court's order and it remains unclear how and when its assets, mainly in mainland China, will be liquidated. Nevertheless, today's decision will likely weigh further on sentiment in China's property market and may prompt officials to respond with further policy support to stabilise conditions.

Global-FYI tracks critical developments fon the global markets including political news, special central bank announcements, and substantial moves in the financial markets.

Major political events and special announcements by the global central banks can shift both the short-term and long-term outlooks for the global economy and financial markets.