It's Evergrande giving us a global real estate reality check.

Hello, and you're listening to the Marketplace Morning Report live from the BBC World Service.

I'm Liana Burr, and a very good morning to you.

I'll be Friday.

The Chinese property giant Evergrande has filed for bankruptcy protection in the US.

This move basically lets Evergrande, which is swimming in debt, safeguard its assets in

the US while it's looking to strike a mega-billion-dollar deal with its creditors.

And it comes at a point when there are some serious worries about the world's second-largest

economy.

Here's the BBC's Nick Marsh in Singapore.

Evergrande is the best known of several floundering Chinese property developers.

Two years ago, it defaulted on some of its $300 billion worth of debt.

Since then, it's made a loss of a further $80 billion.

Millions of people across China currently have their money tied up in unfinished property.

In fact, a quarter of China's economic activity is accounted for by real estate.

The industry saw rampant speculation until a couple of years ago.

But then the money dried up after the government put limits on how much companies could borrow.

That was Nick Marsh reporting.

Now, let's do the numbers.

This might not be surprising, given the news, but Asian stocks are down.

Hong Kong's Hang Seng is down 2%, China's CSI 300 is down 1.2%, and Japan's topics

stand 7.10% of a percent.

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