A Hong Kong court ordered the liquidation of China Evergrande, the world's most indebted property developer owing $340B to creditors after it failed to restructure its debts. However, the order may have little practical effect since Evergrande has few offshore assets, and most of its assets and debts are in mainland China where the court order is not recognized. The liquidators will mainly focus on recovering offshore assets but these make up a small portion of Evergrande's total. Creditors in China have claims on most onshore assets.