In comments posted on his WeChat account, Hu Xijin said the state will not "spare the rat to save the dishes’, or accommodate and protect an enterprise, just because its problems are serious"

The plight of unpaid contractors has thrown a spotlight on the extensive use of commercial paper in China's property sector. Developers favour it as they prefer to not pay upfront and it doesn't count as interest-bearing debt.

China Minseng is one of 128 banks and 121 other institutions who loaned funds to Evergrande up till last year, so any collapse or sell-off of the company's assets could be felt far and wide

Hengda Real Estate Group, the main arm of Evergrande, sought to suspend trading of its onshore corporate bonds as it battles its liquidity crisis; later, guards took away some protesters demanding the return of their investments at the company's head office

The property firm’s liabilities involve more than 128 banks and more than 121 non-banking institutions – if they go under, the impact could be felt far and wide

Evergrande says it has appointed two companies as joint financial advisers, in the clearest indication yet it is looking at restructuring options amid the scramble to repay its enormous debts; regulators are also said to be preparing a team to assess the group's debts

Shares of the office developer saw their biggest daily fall since 2007 with speculation rife that the US equity firm scrapped the deal over fears China’s regulator would reject the move

China analyst Lu Ting warns of loan and bond defaults, and even stock market chaos, if the property industry plunges into crisis because of Beijing's determination to slash debt levels in the sector

Blackstone's offer in June had valued the property group – which holds prime real estate in cities like Beijing – at HK$26 billion but worries over ‘time frames’ have scuppered the deal

China's grossly indebted property developer has reportedly won a reprieve with at least one creditor agreeing to extend payment deadlines for its bonds

Fitch says China Evergrande has tight liquidity, declining contracted sales, and is making limited progress selling assets.

Company is rushing to raise funds to pay its many lenders and suppliers, while regulators and financial markets fear the crisis could swamp China's banking system