A Hong Kong court has ordered one of China's biggest property developers, Evergrande Group, to liquidate, which could have severe consequences not just for China, but other economies including Australia.

The liquidation could have severe consequences for the world’s second-largest economy, as the Chinese property sector continues to struggle to recover from the pandemic and Beijing grapples with an underperforming economy.

A crackdown three years ago by China on real estate speculation caused a property crisis and left Evergrande owing $US300 billion ($455 billion).