A Hong Kong court has ordered the heavily indebted Chinese real-estate developer Evergrande Group into liquidation. The firm is said to owe more than 300 billion dollars to its creditors.

Evergrande is expected to prepare for the sale of its assets in Hong Kong under court-appointed administrators. It's unclear whether its assets in mainland China would also be sold.

The Hong Kong High Court had postponed its decision on the liquidation in early December, saying it needed more time to study Evergrande's debt-restructuring plan.

The prolonged weakness in China's property market is fueling concerns about the financial health of related businesses. The latest court decision highlights the worsening downturn in the industry.