Evergrande expanded aggressively to become one of China's biggest companies by borrowing more than $300 billion. Meanwhile, Beijing brought new ways to control the amount owed by big real estate developers. This led Evergrande to offer its properties at major discounts to ensure money was coming in and keep the business afloat.

Now as it meets its due dates, it is struggling to meet the interest payments which is causing changes in its stock price and generally other financial assets as well.
In this context, Bitcoin's price has dropped over 11% in 24h due to fears of a China debt crisis. Ether was also down 12%. It at just over $2,900, the first time it's fallen below $3,000 since August 8

To understand the magnitude of this debt we compared it with Russian state debt which is more than $40 million lower as you can see on our infographic.

With this many liabilities, Evergrande is the most indebted real estate company in the world. The company is involved in building 1.3 million homes all around China. Besides that, Evergrande owns the largest football club in China, Guangzhou FC, and Evergrande Football School, the biggest football school in the world, as well as resorts and entertainment parks.

Evergrande, which had $77 billion in revenue during the last year, has two repayments due coming up soon. First, an $83 million interest payment is due this week and another repayment of $47.5 million on September 29.
The company owes money to more than 170 banks and 121 financial companies. If Evergrande is unable to pay these debts it could have a great impact on the Chinese and also the global economy. Its share price has fallen by more than 80 per cent this year, and experts do not believe the company can rely on a government bailout.