China Developer's Cash Crunch

A cleaner walks by the Evergrande's name and logo at its new housing development in Beijing, Wednesday, Sept. 15, 2021. One of China's biggest real estate developers is struggling to avoid defaulting on billions of dollars of debt, prompting concern about the broader economic impact and protests by apartment buyers about delays in completing projects. Rating agencies say Evergrande Group appears likely to be unable to repay all of the 572 billion yuan ($89 billion) it owes banks and other bondholders. That might jolt financial markets, but analysts say Beijing is likely to step in to prevent wider damage.