Evergrande shares were halted after plunging over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled property developer. China Evergrande is the world's most indebted property developer, defaulting in 2021 and announcing an offshore debt restructuring program in March 2023. The Wall Street Journal reported that Evergrande's overseas creditors failed to reach an 11th-hour deal this weekend to restructure the company's debts.