Order to liquidate property giant China Evergrande is just one step in fixing China's debt crisis

A Hong Kong court's order to liquidate the world’s most heavily indebted real estate developer is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. China Evergrande owes about $340 billion to its creditors. Experts say it's unclear if Monday's order by the Hong Kong High Court will be enforced in mainland China, where Evergrande and 90% of its assets are based. While Evergrande’s cash crunch represents a big chunk of the liabilities developers defaulted on, China’s financial woes are not confined to the property sector. Many Chinese financial institutions and local governments also are in a pickle.