VIDEO: Evergrande Financial Crisis in China

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(ABC 6 News) – Nation’s that largely impact the global economy are closely watching what’s unfolding in China over the Evergrande crisis.

Evergrande Group, a Chinese Real Estate conglomerate and is facing a debt default that has the potential to devastate the economies of major nations including the United States. When news of this broke Monday, investors started selling stocks at a massive rate.

This massive company has just as massive of debt at roughly 300 billion dollars. If Evergrande defaults which is the latest threat coming out of China. It would likely destabilize china’s economy and that would have a devastating domino effect globally.

Bill Dendy, Founder, Elite Financial Management, went in-depth on the latest happenings on the financial crisis in China and how it could impact countries around the globe.