China's second-largest real estate developer is close to bankruptcy, leaving millions of property investors nursing heavy losses. Worst still, Beijing's post-COVID economic rebound will be further derailed.
The Evergrande Group filed for bankruptcy in order to safeguard its assets within the US. Many developers have been facing similar issues in China's expansive property industry.
Shares in Chinese real-estate company Evergrande have plunged after it resumed trading following a 17-month suspension. The big drop highlights China's current problems in the property sector.