Fears of default of troubled China Evergrande Group, the world's most indebted property developer, continue to rise as markets look for possible intervention by Beijing to prevent the company’s collapse and the spillover risks that would cause domino effects across the global economy.

市场对全球负债最多的房地产开发商、陷入困境的中国恒大集团违约的担忧继续加剧，市场期望北京方面采取干预措施，以防止该公司倒闭，以及可能引发全球经济多米诺效应的溢出风险。

Evergrande is China’s largest developer which invests in real estate, bottled water, the internet, and football, which owes over $300 billion in liabilities to various creditors.

恒大是中国最大的房地产，同时投资瓶装水、互联网和足球，恒大目前债务超过3，000亿美元。

In efforts to lift confidence in the struggling firm, the Evergrande Group chairman said the company is confident that it will walk out of its darkest moment and deliver property projects as promised and will fulfill its obligations to property buyers, investors, partners, and financial institutions.

恒大集团董事长表示，公司有信心走出最黑暗的时刻，按承诺交付房地产项目，并将履行对购房者、投资者、合作伙伴和金融机构的义务。

Economists remain divided over Evergrande’s troubles but so far played down the threat of possible Lehman scenario, though concerns about the spillover risks of a messy collapse of what was once China's top-selling property developer have shaken markets.

经济学家对恒大的困境仍存在分歧，迄今为止，尽管对这家一度是中国最畅销房地产开发商的混乱崩溃的溢出风险的担忧动摇了市场，但基本不会出现类似雷曼兄弟破产的现象。

Investors in Evergrande remained on edge, as its shares were sold-off on Monday and Tuesday, falling 10% and 7% per day respectively that boosts fear its huge debt could trigger widespread losses in China's financial system in the event of a collapse. 

本周一和周二，恒大地产的股票双双遭到抛售，日跌幅分别达到10%和7%，投资者担心恒大的巨额债务可能在中国的金融体系一旦崩时引发难以估计的损失。

Rising uncertainty pushed sharply lower other property stocks such as Sunac, China's fourth-biggest property developer, and state-backed Greentown China, while S&P Global Ratings downgraded Sinic Holdings Co Ltd, citing the Chinese developer's failure to communicate a clear repayment plan, after which the Hong Kong-listed Sinic shares plunged 87%, wiping $1.5 billion off its market value before trading was suspended.

不确定性导致其他地产股大幅下跌，比如中国第四大房地产开发商融创(Sunac)和国家支持的中国绿城(Greentown China)，而标准普尔环球评级(Global Ratings)下调了新力控股的评级，理由是这家中国开发商未能提供明确的还款计划。之后，在香港上市的新力股价暴跌87%，从停牌前的市值中蒸发了15亿美元。

Broad selling pressure persisted across the Asian stock markets at the beginning of the week, as investors fled riskier assets on Evergrande contagion fears, while mainland China markets were closed for a holiday and Hong Kong markets were shut on Wednesday.   

本周初，亚洲股市普遍存在抛售压力，投资者因对恒大危机蔓延的担忧而逃离风险较高的资产，而中国大陆股市因节假日休市，香港股市周三休市。

The Chinese government has been largely quiet on the crisis at Evergrande, and there was no mention of the firm's troubles in major state media during a public holiday.

中国政府对恒大的危机目前处于观望状态，公共假日期间，主要官方媒体也没有提到该公司的违约危机。

A major test for Evergrande comes this week, with the firm due to pay $83.5 million in interest relating to its March 2022 bond. It has another $47.5 million payment due on September 29 for March 2024 notes, and both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates.

本周恒大面临一个重大考验，该公司将支付8350万美元的2022年3月债券利息。2024年3月票据的另一笔4750万美元将于9月29日到期付款，如果恒大未能在计划付款日期后30天内结清利息，这两笔债券将面临违约。

The report back in 2012 showed that Evergrande has been scrambling at that time to raise funds to pay its many lenders, suppliers, and investors, was insolvent, and had defrauded investors.

2012年的一份报告显示，当时手忙脚乱筹集资金的恒大已经破产，并欺骗了广大投资者，其资金来源包括众多贷款人、供应商和投资者。

Some economists think that Evergrande equity will be wiped out, as the debt is in trouble and the Chinese government would likely break up the company but remain optimistic regarding the potential negative impact on the global economy.

一些经济学家认为，，恒大债务陷入困境，中国政府可能会拆分该公司，因而股权可能被一扫而光。但他们对此举可能对全球经济造成的负面影响仍持乐观态度。

Other analysts expect that the Chinese government will help Evergrande to get some capital, but it may have to sell some stakes, starting with mainly non-core businesses that are not residential real estate, with the possibility of selling stakes that are the core of the company’s business at the later stage   

其他分析师预计，中国政府将帮助恒大获得一些资本，但是恒大需要首先出售非住宅房地产的非核心业务，随后可能出售公司核心业务的股份。

It looks like regulators may buy some time to digest Evergrande's non-performing loan problem by guiding banks not to withdraw credit and extend the interest payment deadline but remain aware of mounting investor concern about potential risk spillover from Evergrande's debt crunch.

监管机构可能会指导银行不要撤销信贷、不要延长付息期限，争取一些时间来消化恒大的不良贷款问题，但他们仍然意识到，投资者对恒大债务危机的潜在风险溢出日益加剧。

In any default scenario, a troubled company, hovering between a messy meltdown, a managed collapse, or the less likely prospect of a bailout by Beijing, will need to restructure the bonds, but analysts expect a low recovery ratio for investors.

违约情况下，无论是混乱无序的公司还是极小可能获取政府救助的公司，都需要债券重置，分析师预计， 投资者收益率会非常低。 

Evergrande said it will make a top priority to help retail investors redeem their investments, sold by the indebted company, as investors remain highly concerned about Evergrande’s mountain of debt boosted fears that the company’s collapse could pose a systematic risk to China’s financial system.

恒大表示，将优先帮助散户赎回由负债公司出售的投资。由于投资者仍高度关注恒大的巨额债务，从而加剧了市场对该公司倒闭可能给中国金融体系带来系统性风险的担忧。