China’s 2nd largest property developer is in big trouble

The hits keep coming for Evergrande Group, China’s second-largest property developer. The company’s stock price has dropped more than 70 percent in the last year, its bonds are at record lows, it is in deep debt and on Monday, S&P Global Rating cut its credit rating two notches, according to Bloomberg. A day after that, the firm’s stock price sank 13 percent after it announced it would not pay out a special dividend. Evergrande is