In 2015, Evergrande real estate acquired four super large projects in Haikou, Wuhan and Huizhou, with a total construction area of nearly 4 million square meters and a total amount of 13.5 billion yuan. Evergrande, China's largest property developer, is facing a liquidity crisis with total debts of around $300 billion. The problems faced by the company could impact China’s economy, and the global economy at large.

Trading in shares of debt-laden China Evergrande was suspended on Monday after it missed a key bond interest payment last week, its second offshore debt obligation in a week, with market watchers jittery as the group's troubles unravel.

Shares of its unit Evergrande Property Services Group were also suspended, according to the Hong Kong stock exchange.

With liabilities equal to 2% of China's GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world, though worries have eased somewhat after the central bank vowed to protect homebuyers' interests.

This is a developing story.


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