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China Evergrande’s Debt-Crisis Fallout: Losses, Layoffs and More Defaults

When China Evergrande Group began struggling under a mountain of debt last year, it quietly set off a chain reaction across the country. 

Chinese authorities prevented a disorderly collapse of the real-estate colossus, but Evergrande’s distress has spread across China’s housing market and many related industries. The situation has worsened this year into what is now a full-blown property downturn that has become a major drag on China’s economy.