Chinese property developer's financial woes spark economic fears
One of China's largest property developers is trying to avoid defaulting on billions of dollars of debt. Evergrande announced it would make a nearly $36 million interest payment Thursday, a small fraction of the $310 billion of outstanding debt it reported in June. Some experts fear if the company defaults it could cause economic shockwaves worldwide. Columbia University professor Shang-Jin Wei, a former chief economist for the Asian Development Bank, spoke with CBSN's Tanya Rivero about those concerns. CBSN is CBS News’ 24/7 digital streaming news service featuring live, anchored coverage available for free across all platforms. Launched in November 2014, the service is a premier destination for breaking news and original storytelling from the deep bench of CBS News correspondents and reporters. CBSN features the top stories of the day as well as deep dives into key issues facing the nation and the world. CBSN has also expanded to launch local news streaming services in major markets across the country. CBSN is currently available on CBSNews.com and the CBS News app across more than 20 platforms, as well as the Paramount+ subscription service. Subscribe to the CBS News YouTube channel: http://youtube.com/cbsnews Watch CBSN live: http://cbsn.ws/1PlLpZ7c Download the CBS News app: http://cbsn.ws/1Xb1WC8 Follow CBS News on Instagram: https://www.instagram.com/cbsnews/ Like CBS News on Facebook: http://facebook.com/cbsnews Follow CBS News on Twitter: http://twitter.com/cbsnews Subscribe to our newsletters: http://cbsn.ws/1RqHw7T Try Paramount+ free: https://bit.ly/2OiW1kZ For video licensing inquiries, contact: licensing@veritone.com
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