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In a historic development for the bankruptcy-shy China, on Monday, a Hong Kong court ordered China Evergrande - once the country's largest real estate company - to be liquidated, opening a new and unpredictable phase in the collapse of the world’s most indebted property developer. The liquidation order comes more than two years after the company’s official default, which triggered a cash crunch for Chinese developers that has crippled what was once the world's largest asset class, and is still hobbling the world’s second-largest economy.

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