Snowballing crisis at China's Evergrande, the world's most indebted developer

• China's Evergrande unit ordered to pay out $1.1 billion after it failed to meet debt obligations. The developer is again looking to sell Hong Kong headquarters via tendering process. China's new rules on how much developers can borrow dealt a big blow to Evergrande, one of China's largest real estate developers. It relies on borrowings and was forced to sell assets at discounts. The group recently failed to meet a self-imposed deadline for the restructuring proposal. Watch this video to know more.