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,Evergrande Centre in the Wan Chai district of Hong Kong. Shares of the embattled Chinese real estate giant plunged on September 7, deepening an investor retreat with analysts cutting its credit and stock ratings. – AFP pic, September 20, 2021.

FEARS of a contagion from the potential collapse of battered Chinese real estate giant Evergrande sent property shares plunging in Hong Kong today, with the firm expected to default on upcoming interest payments this week.

The firm, one of the country’s biggest developers, is on the brink of collapse as it wallows in debts of more than US$300 billion, raising concerns of a spillover into the domestic and global economy.