Evergrande, one of China's largest real estate developers owns more than 1,300 projects in more than 280 cities making it one of the world's biggest businesses by revenue.
The company employs about 200,000 people and indirectly supports 3.8 million jobs per year.
So, Evergrande's recent failures to make several scheduled bond debt payments has markets from China to the U.S. worried.
Reminiscent of the Lehman Brother's collapse of 2008, confidence that the company can service its tremendous debt load in the coming months is waning.
Evergrande's shares have sunk by close to 85% this year.
The company is making efforts to sell off some of its assets including stake in a bank and its office tower in Hong Kong.
It remains to be see whether the Chinese government or Chinese banks will help to shore up the real estate industry in China to avert a larger economic crisis.