A Hong Kong court has issued an order for the liquidation of Evergrande Group, a financially troubled Chinese real estate giant, Invest-Gate reports.

The decision comes after international creditors filed a lawsuit against the company for its failure to make several owed payments.

Evergrande Group had attempted to avoid liquidation by presenting a restructuring plan, but over the course of around a year and a half, the company failed to provide a concrete proposal for restructuring, as stated by Judge Linda Chan.

Chan expressed that it was time for the court to make a decision to liquidate the company, stating, “I think it’s time for the court to say enough is enough to the company.”

Listed on the Hong Kong Stock Exchange, Evergrande is the world’s largest indebted real estate development company, with debts exceeding $300 bn.

The liquidation of Evergrande is expected to further erode confidence in China’s struggling real estate sector and potentially cause turmoil in the stock market. The Chinese government has been working recently to stabilize the market.