The world's most indebted property developer everr has been given a winding up order by a court in Hong Kong the company which has extensive Holdings in China has more than $300 billion doll in liabilities everr shares fell by more than 20% on the news before trading was Suspended on The Exchange in Hong Kong let's go live to Beijing now and speak to our China correspondent Steven McDonald Steven this has been r rumbling on for a long time finally a court in Hong Kong has said enough is enough yeah and I don't think anyone in China would have been surprised by this decision I mean the court had been giving ever Grand more chances they' been adjournments and the judge said today look you know you haven't given me a plan that shows are restructuring that would enable you to make the repayments You have to make and so I'm going to order you into to liquidation now people who've been following the story will know that ever Grand was like a huge pillar of the economy here until 2021 when it started to miss its repayments now it as it turned out had Been going further and further into debt to stay one step ahead of its creditors selling Residential Properties before it could even finish the ones that already promised and as it went further into debt it kept borrowing more and eventually it it's all come undone for it actually should add we have just had A statement from the company by the way um so according to the executive director of ever Grand today's Court ruling is contrary to our original intentions Shan sh said we can only say that we have tried our best and that the decision is very regrettable but the decision has been Made which means now uh ever Grand is going through this very long and complicated process of paying back those that it owes money to but in some cases people might not see any money they they may have invested families for example who've put deposits on a on a flat that Was going to be built one day yeah I mean very long and very complicated I mean I people are already trying to understand how this is going to play out one problem is it's not even guaranteed that officials in China will recognize the um Cor appointed Liquidator their their right to be able To seize Assets in mainland China I mean according to some asset estimates that a only a very small percentage of what's owed can possibly be repaid via you know this method and so in a funny way it's also the Chinese system on trial if I could put it that way you know this Country wants more foreign investment and investors are going to be look at how this play plays out and and if these International creditors and they're the ones who've brought this to the courts in Hong Kong in the first place if they can't get their money back if they can't Get access to these assets that ever Grand has in mainland China well you know I think yet again there'll be people questioning should I really be investing that much money in China is it too risky and so yeah a lot to be played out yet and and funnily enough in the Interim for the for potentially years to come everr will keep building buildings here uh because there's a lot of unwinding a lot of reorganization that has to take place and even would you believe the chance of yet another attempt to strike a deal to somehow bail them out