The financial woes of China’s largest property developers are rippling through the country’s economy, as lawsuits pile up with businesses and workers owed hundreds of billions in payment. China’s ongoing property crisis was triggered by the government’s attempt to reform and de-leverage the sector to prevent a housing bubble. Real estate forms the backbone of the country’s economy, contributing about 30 per cent of its gross domestic product (GDP), with some 80 per cent of residents' wealth locked in the sector. China Evergrande Group, once the country’s top-selling developer, had filed for bankruptcy last month, ... (full story)