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'But there's a risk of further spillover to other developers, potentially causing a banking crisis or debt crisis.' The company has engaged in risky practices for yearsДЇor nearly three decades, Evergrande - like dozens of Chinese developers - bet big on China's booming infrastructure buildup. These two goals are a good thing,' says Bo Zhuang, the chief China economist at Loomis Sayles, an investment firm. 'This is a part of long-term fiscal reform to de-risk, deleverage, and to shift away from land financing. The financial woes of the once mighty developer highlight a showdown between two competing objectives for China's Communist Party: force China's private sector away from speculative and risky lending practices that pushed debt to dangerous levels, while avoiding a financial meltdown and the collapse of the property sector, in which more than 70% of the nation's urban wealth is locked up. The embattled developer, China's second biggest by sales volume last year, is saddled with debt it cannot pay back: It owes a total of $368 billion in loans to banks, as well as liabilities to contractors and suppliers. The mixed-development project, an hour's drive from Shanghai, has been halted mid-construction as Evergrande scrambles to pare down its debt under orders from Chinese regulators. I did not know then that they were so desperate for money,' Wu says as she walks her dog outside her uncompleted building in Taicang's Cultural City project. 'It did strike me as weird that Evergrande wanted the cash up front.

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To jump in line ahead of hundreds of other prospective homebuyers, Wu paid the sticker price of about $200,000 in full last year, before construction had even broken ground.

TAICANG, China - The one-bedroom apartment was to be Penelope Wu's retirement home, an escape from the bustle of Shanghai - or, at least, that's how Evergrande, the Chinese property developer, painted it. The firm has run out of money to finish the buildings as regulators force developers to pay back debts. Half-finished apartment towers are part of Evergrande's Cultural City real estate project in Taicang, China.