Chinese property developer’s financial woes spark economic fears

From CBS News.

One of China’s largest property developers is trying to avoid defaulting on billions of dollars of debt. Evergrande announced it would make a nearly $36 million interest payment Thursday, a small fraction of the $310 billion of outstanding debt it reported in June. Some experts fear if the company defaults it could cause economic shockwaves worldwide. Columbia University professor Shang-Jin Wei, a former chief economist for the Asian Development Bank, spoke with CBSN’s Tanya Rivero about those concerns.

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