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China debt crunch

China Evergrande crisis rocks markets across globe

Dow sheds 600 points in worst day since July; Nikkei falls nearly 2%

A trader works at the New York Stock Exchange.   © Reuters

HONG KONG/NEW YORK -- A wave of fear over Chinese economic growth swept through global markets on Monday as China Evergrande, the country's most indebted property developer, teetered on the brink of default and investors worried about the consequences for its domestic peers and international commodity prices.

While Chinese and Hong Kong property groups bore the brunt of the sell-off, the impact was felt across European and U.S. stock markets. China Evergrande, whose liabilities amount to almost a third of a trillion dollars, is facing deadlines this week for payments to banks and bondholders.

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