Evergrande, China's largest real estate developer, placed in liquidation by a Hong Kong court. The group was a pillar of the Chinese economy when the Chinese construction and real estate sector still represented around a quarter of Chinese GDP.
Chinese President Xi Jinping had estimated that the debt accumulated by Evergrande and other real estate companies constituted a risk for the Chinese financial system. Immediately after this announcement, the Chinese real estate giant's shares fell by more than 20% and the Hong Kong Stock Exchange suspended trading of the stock.