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The decision of a Hong Kong court this week to liquidate Evergrande, the country's largest developer with debts of US$300 billion ($455 billion), symbolises the size of the hole the industry was allowed to dig itself into. The liquidation will have minimal practical effect - Hong Kong creditors will have little, if any, access to Evergrande's mainland assets, which have largely been frozen, seized or sold off already. But the property downturn will weigh on the public, who have watched the value of their homes fall or, in some cases, have lost deposits on unbuilt apartments altogether. As a result,…
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