If the Chinese courts were to recognize Hong Kong's ruling, it could also set an example to other financially troubled developers in China, said Goodman, who believes that Evergrande's debt to various creditors is larger than its claimed liabilities of $300 billion. Domino effect Chiou Jiunn-rong, a professor of economics at National Central University in Taiwan, agreed the liquidation of Evergrande in China could trigger a domino effect that would pull down the property market, impacting the entire industry from creditors to contractors and interior decorators. "China's economy will experience a huge drag down as builders, banks and home buyers are all hit badly by the crisis. The economy will surely further weaken if more developers face a similar fate of forced liquidation," Chiou told VOA Mandarin in a phone interview on Monday.