China: Evergrande's unfinished urbanisation projects become ghost towns in Hangzhou City - WATCH!
Evergrande has $300 billion (€259 billion euros) in liabilities and missed a $83.5 million dollars (€71,98 million euros) interest payment last month, shaking markets worldwide.
The property developers ambitious urbanising projects, now suspended, were spotted wrapped in scaffolding, surrounded by halted cranes and metal beams in overgrown vegetation.
Investors have given Evergrande a 30-day period within which the debts must be paid, before the missed payments become classified as default.
On Wednesday, Evergrande announced plans to sell a $1.5 billion (€1.25 billion) bank stake to a state-owned company in hopes of lightening its heavy debt.
By RUPTLY
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