This reddit comment explains this quite well: https://old.reddit.com/r/Economics/comments/1adnx32/evergran...
> HK is sort of what NY is to the US. It is a peripheral region with some minor degree of autonomy but because it just so happens to house the Chinese version of Wall Street this means it’s judiciary is a little bit special when it comes to dealing with insolvency and other corporate issues.
This means that it very likely means liquidation in China as well.