Chinese property giant Evergrande defaults on $300billion debt: Beijing prepares 'controlled demolition' of the firm to protect its economy amid fears it could have global consequences
Debt-crippled Chinese property giant Evergrande has defaulted on its loans, with Bejing preparing a 'controlled demolition' of the firm to protect its economy.
Evergrande has been struggling to meet its loan commitments since the Chinese government launched a crackdown earlier this year to curb rampant borrowing and consumer speculation in the property sector.
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