In recent years, Evergrande's debts ballooned as it borrowed to finance its various pursuits.
The group has gained infamy for becoming China's most indebted developer, with more than $300 billion worth of liabilities. Over the last few weeks, it's warned investors of cash flow issues, saying that it could default if it's unable to raise money quickly.
That warning was underscored on Tuesday, when Evergrande disclosed in a stock exchange filing that it was having trouble finding buyers for some of its assets.
This could be China's Lehman Brothers moment.
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