China Evergrande, once the country's second-largest real estate developer, is drowning in debt. Some 1.5 million people have put deposits on new homes that have yet to be built. A collapse could be catastrophic. Meanwhile, China is in the grip of a power crunch as a shortage of coal supplies, toughening emissions standards and strong demand from manufacturers and industry have pushed coal prices to record highs and triggered widespread curbs on usage.

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