Real estate giant’s possible bankruptcy sparks financial fears in China

Real estate giant China Evergrande Group Tuesday warned of default risks after accumulating a whopping debt of $305 billion and two subsidiaries failing to uphold financial guarantee obligations.

Shares in the cash-strapped property group plunged by more than 11 percent at the Hong Kong Stock Exchange, in a grim reminder of a similar trend last year when Evergrande lost more than 80 percent of its market value.EFE

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