What the collapse of a company owing $300 billion means for the world

• A Hong Kong court ordered the liquidation of China Evergrande, the world's most indebted property developer.
• Evergrande has assets of about $245 billion, but owes about $300 billion.
• Its demise is a "controlled collapse," but still raises systemic risk and will hurt investors, says an analyst.

Evergrande — once China's largest real-estate developer — has collapsed.

The pivotal moment came on January 29, when a Hong Kong court ordered the liquidation of the most indebted property developer in the world.