Property giant China Evergrande Group admitted Tuesday it is under "tremendous pressure" and may not be able to meet its crippling debt obligations.      A      Investors are growing increasingly nervous that if Evergrande were to collapse,      B      and create systemic risks for the banking system of the world's second-largest economy.

Previously known as Hengda,       C      Located in the southern city of Shenzhen close to Hong Kong, Evergrande sells apartments to upper- and middle-income property buyers.      D      The firm was started in 1997 by Hui Ka Yan (Xu Jiayin in Mandarin),      E      Last year, Forbes listed Hui as the third-richest man in China — but his wealth has since plummeted. Evergrande has vastly grown due to a spectacular real estate boom caused by China's unprecedented growth.       F    Evergrande has expanded into other areas of the economy, including food and leisure.      G      However, its electric car unit, founded in 2019, is not currently marketing any vehicles.

The Hong Kong-based developer is sinking under a mountain of liabilities totaling more than $300 billion (€254 billion) after years of borrowing to fund rapid growth. Evergrande has stepped up acquisitions in recent years, taking advantage of a real estate frenzy.       H      Evergrande relied on presales to finance itself and keep its activities afloat, and the crackdown forced the group to offload properties at increasingly steep discounts.       I      Many buyers have expressed concern on social media about whether they will get their money back after housing projects were suspended. Evergrande was downgraded by two credit rating agencies last week and its Hong Kong-listed shares have collapsed by more than 80% this year.       J      On Monday, the Shanghai Stock Exchange paused trading in Evergrande's May 2023 bond after it fell more than 30%.