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Caixin

How Evergrande could turn into 'China's Lehman Brothers'

Collapse of 'too big to fail' property developer may trigger financial tsunami

As of the end of June, Evergrande had nearly 2 trillion yuan ($309 billion) of debts on its books, plus an unknown amount of off-books debt.   © AP

For the past two months, hundreds of people have been gathering at the 43-floor Zhuoyue Houhai Center in Shenzhen, where China Evergrande Group's headquarters occupies 20 floors. They hold banners demanding repayment of overdue loans and financial products. Police with riot shields stand guard to keep the crowds under control.

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