The Hong Kong High Court has issued a liquidation order against Chinese property giant Evergrande Group, marking the bursting of China's real estate bubble. The company, laden with over $300 billion in liabilities, has triggered more Chinese real estate defaults, causing job losses and protests from homebuyers. Evergrande's CEO, Xiao En, said the company has been investigated for suspected violations of laws and crimes. While some experts downplay the impact on the domestic market, others see it as a wake-up call and anticipate less government intervention in the future. Beijing is rolling back austerity policies on the real estate sector.

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