hina Evergrande Group received a liquidation order from a Hong Kong court, setting off what’s likely to be a daunting process to carve up one of the biggest victims of a years-long and nationwide property debt crisis.

A wind-up will end up in the company being managed by provisional liquidators and addressing issues, including control by founder and Chairman Hui Ka Yan, Judge Linda Chan said in the city’s High Court on Monday morning. Trading in Evergrande shares was suspended after the stock tumbled 21%, giving it a market value of just HK$2.15 billion ($275 million).