EXPLAINER: Chinese builder’s debt struggle rattles investors

Sep 21, 2021, 12:09 AM | Updated: Sep 22, 2021, 3:29 am
A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the E...

A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)

(AP Photo/Andy Wong)

BEIJING (AP) — Global investors are watching nervously as one of China’s biggest real estate developers struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the financial system.

Chinese regulators have yet to say what they might do about Evergrande Group. Economists expect them to intervene if Evergrande and lenders can’t agree on how to handle its debts. But any official resolution is expected to involve losses for banks and bondholders.

The government “doesn’t want to be seen as engineering a bail out” but is likely to organize a debt restructuring to “reduce systemic risk and contain economic disruption,” Tommy Wu of Oxford Economics said in a report.

Evergrande is the biggest casualty yet from the ruling Communist Party’s effort to rein in surging debt levels.

Investors are watching how the developer headquartered in the southern city of Shenzhen near Hong Kong handles an interest payment due Thursday on one of its bonds.

A look at Evergrande and anxiety about its debt troubles:

WHAT IS EVERGRANDE?

Evergrande Group, founded in 1996, is one of China’s biggest builders of apartments, office towers and shopping malls.

The company says it has more than 200,000 employees and supports 3.8 million jobs in construction and other industries. Evergrande says it has 1,300 projects in 280 cities and assets worth 2.3 trillion yuan ($350 billion).

Evergrande’s founder, Xu Jiayin, was China’s richest entrepreneur in 2017 with a net worth of $43 billion, according to the Hurun Report, which follows China’s wealthy. He has tumbled down the list as internet industries boomed but still ranked as China’s richest real estate developer last year. He also topped Hurun’s 2020 list of philanthropists, giving away an estimated 2.8 billion yuan ($420 million).

Evergrande has branched out into electric vehicles, theme park development, health clinics, mineral water and other businesses.

WHAT’S THE IMPACT SO FAR?

Evergrande’s Hong Kong-traded shares have fallen 85% since early 2021. Its bonds are trading at an equally deep discount.

Xu built Evergrande on borrowed money. As of June 30, Evergrande reported 2 trillion yuan ($310 billion) of outstanding debts to bondholders, banks, construction contractors and other creditors.

Of that debt, 240 billion yuan ($37.3 billion) was due within a year, nearly triple Evergrande’s 86.8 billion yuan ($13.5 billion) in cash holdings, according to a company financial report.

In early 2021, Evergrande forecast its total annual transaction volume would surpass 2 trillion yuan ($310 billion). It reported a $1.4 billion first-half profit but says sales are weakening because news of its cash crunch is making would-be buyers nervous.

WHY NOW?

Evergrande has been squeezed by new limits regulators imposed on real estate-related borrowing as part of the Communist Party’s campaign to reduce reliance on debt.

Economists have been warning China’s rising debt is a potential threat for more than a decade. The ruling party has made reducing such financial risks a priority since 2018. But total corporate, government and household borrowing rose to nearly 300% of economic output last year from 270% in 2018. That’s unusually high for a middle-income country.

News reports indicate Evergrande borrowed everywhere it could, including by requiring employees of its construction contractors to buy its debt.

In 2017, state-owned China Citic Bank in Shenzhen agreed to lend 40 billion yuan ($6.2 billion) for an Evergrande project only after its executives agreed to invest at least 3 million yuan ($465,000) each, according to the business news magazine Caixin.

HOW DOES THIS FIT INTO THE PARTY’S PLANS TO REMAKE THE CHINESE ECONOMY?

The Communist Party is trying to reduce the economy’s reliance on debt as it tries to nurture more self-sustaining economic growth based on domestic consumption

It allowed China’s first corporate debt default since the 1949 revolution in 2014 as part of efforts to force borrowers and lenders to be more disciplined. Until then, the government had intervened to bail out insolvent borrowers to avoid spooking financial markets. Beijing has gradually allowed more defaults, but none by a debtor as big as Evergrande.

WHAT ABOUT OTHER REAL ESTATE DEVELOPERS?

Other major developers such as Vanke Co., state-owned Poly Group and Wanda Group have not reported similar problems. But hundreds of smaller developers have shut down since regulators in 2017 started tightening control over fundraising tactics such as selling apartments before construction begins.

Chinese residential real estate is regarded as posing little risk to the financial system, however, because most apartments are paid for with cash, not mortgages. That makes a wave of home foreclosures and defaults on complicated financial derivatives like those in the United States after the 2008 crisis unlikely and easier for banks to manage.

“Given how bloated China’s property developers are, there could be a whole wave of defaults around the corner,” but Beijing has resources “to prevent a full-blown Chinese credit crunch,” Simon MacAdam of Capital Economics said in a report. “For all its flaws, this is one advantage of having a tightly controlled financial system versus a more free-market system.”

IS THERE RISK OUTSIDE CHINA?

Some commentators suggest Evergrande might become China’s “Lehman moment,” referring to the failure of Wall Street bank Lehman Brothers, a forerunner to the 2008 crisis. But economists say the risk of wider financial market contagion is low.

“A managed default or even messy collapse of Evergrande would have little global impact beyond some market turbulence,” said MacAdam of Capital Economics.

Evergrande has $18 billion of outstanding foreign-currency bonds, but much of that is held by Chinese banks and other institutions. Unlike Lehman, whose assets were financial instruments whose prices can swing wildly, Evergrande has 1.4 trillion yuan ($215 billion) of land and partially completed projects with relatively stable prices.

In the unlikely event of an outright default, China’s banking system has an annual profit of 1.9 trillion yuan and reserves of 5.4 trillion yuan against bad loans, “which could easily absorb the loss,” Larry Hu and Xinyu Ji of Macquarie Group said in a report.

WHAT NEXT?

Investors are waiting to see what Chinese regulators might do, but analysts say they appear to be focused on protecting home buyers by ensuring apartments already paid for are completed.

The government has injected money into other insolvent Chinese companies, but economists say Beijing appears determined to avoid doing that with Evergrande.

In August, Huarong Asset Management Co., Ltd., the biggest of a group of companies created to help resolve bad loans held by state banks, was bailed out by a capital injection from state-owned companies after it lost 102.9 billion yuan ($15.9 billion) last year.

In a letter Tuesday to employees, Xu expressed confidence the company will survive.

“Evergrande will surely get out of the darkest moment as soon as possible,” Xu said in the letter marking the traditional Mid-Autumn Festival.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man wearing a face mask to help protect himself from the coronavirus walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman carrying groceries walks by a map showing the Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman looks back as she walks by a map showing Evergrande development projects with its apartment buildings seen behind, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A family walks by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A man walks through a quiet Evergrande city plaza past a map showing Evergrande development projects and its apartment buildings in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A woman wearing a face mask to help protect herself from the coronavirus walks by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              A custodian stands near a map showing Evergrande development projects in China on a wall in an Evergrande city plaza in Beijing, Tuesday, Sept. 21, 2021. Global investors are watching nervously as the Evergrande Group, one of China's biggest real estate developers, struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. (AP Photo/Andy Wong)
            
              FILE - In this Sept. 15, 2021, file photo, a cleaner walks by the Evergrande's name and logo at its new housing development in Beijing. Global investors are watching nervously as one of China’s biggest real estate developers struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. Chinese regulators have yet to say what they might do about Evergrande Group. (AP Photo/Andy Wong, File)
            
              FILE - In this Sept. 15, 2021, file photo, a construction crane stands on a new housing development project by Evergrande in Beijing. Global investors are watching nervously as one of China’s biggest real estate developers struggles to avoid defaulting on tens of billions of dollars of debt, fueling fears of possible wider shock waves for the Chinese financial system. Chinese regulators have yet to say what they might do about Evergrande Group. (AP Photo/Andy Wong, File)

AP

Passengers coming from China arrive at the Incheon International Airport in Incheon, South Korea, o...
Associated Press

South Korea extends restrictions on travelers from China

SEOUL, South Korea (AP) — South Korea says it will continue to restrict the entry of short-term travelers from China through the end of February over concerns that the spread of COVID-19 in that country may worsen following the Lunar New Year’s holidays. South Korea in early January stopped issuing most short-term visas at its […]
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FILE - In this April 4, 2017, file photo, fountains erupt along the Las Vegas Strip in Las Vegas. A...
Associated Press

Lawsuit: Vegas Strip resorts used vendor to fix hotel rates

LAS VEGAS (AP) — A federal lawsuit in Nevada is seeking class-action damages for countless hotel patrons who booked rooms in Las Vegas since 2019, alleging that most hotel-casinos on the Las Vegas Strip have used a third-party vendor to illegally fix prices. The complaint filed Wednesday in U.S. District Court in Las Vegas alleges […]
22 hours ago
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Associated Press

Maternal deaths and disparities increase in Mississippi

JACKSON, Miss. (AP) — Deaths from pregnancy complications have become more prevalent in Mississippi, and racial disparities in the health of those who give birth have widened in recent years, according to a report released Thursday by the state’s Department of Health. The Mississippi Maternal Mortality Report shows that the maternal mortality rate increased by […]
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Associated Press

Jury: $1M to Oregon woman told ‘I don’t serve Black people’

PORTLAND, Ore. (AP) — A jury has awarded an Oregon woman $1 million in damages after finding she was discriminated against by a gas station employee who told her, “I don’t serve Black people.” The Multnomah County jury’s award this week to Portland resident Rose Wakefield, 63, included punitive damages of $550,000. Wakefield’s lawyer, Gregory […]
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FILE - The state of Texas execution chamber in Huntsville, Texas, is pictured on May 27, 2008. A gr...
Associated Press

Texas death row inmates sue over solitary confinement

HOUSTON (AP) — A group of death row inmates filed a federal lawsuit Thursday against the Texas prison system over its policy of mandatory and indefinite solitary confinement for all prisoners who are awaiting execution, saying it causes severe physical and psychological harm. The suit alleges that the policy severely restricts their access to human […]
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FILE - The Hasbro logo is seen on April 26, 2018, in New York. Toymaker Hasbro said Thursday, Jan. ...
Associated Press

Toymaker Hasbro laying off 1,000 to cut costs

PAWTUCKET, R.I. (AP) — Toymaker Hasbro said Thursday it is cutting about 1,000 jobs as part of moves announced last year to save up to $300 million annually by 2025. The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys said the layoffs amount to 15% of its global full-time workforce. […]
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