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Evergrande: the property group that has the market on edge

China’s biggest developer is fighting to convince investors it can cut its debts

As China’s largest property developer, Evergrande has never been short on figures to stir awe — and alarm.

The company’s land reserves, built during a breakneck expansion as China urbanised, are vast enough to house roughly 10m people. But it is the $123bn in debt Evergrande amassed along the way that has led to wild trading in its shares and bonds over the past week.

The convulsions were triggered after a letter began circulating online last Thursday that purportedly showed Evergrande asking the government in Guangdong, where it is based, for help in averting a potential cash crunch. A furious denial from the company, alleging the letter was fabricated, and a series of announcements in the past few days have gone some way to quelling fears about the highly-leveraged developer.

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