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China’s largest property developer, Evergrande, is facing one of its biggest crises. The amount of debt incurred has swelled to more than $300 billion, forcing the developers to file for bankruptcy. Evergrande’s stock prices have plummeted by 80 percent since the beginning of the year and the developer is trying to sell its real estate assets to reduce the debt overload. However, the move might prove to be too little too late, given the fact that demand is already muted in the Chinese property market currently.
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