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global stock market is faltering as the bankruptcy crisis of Hengda Group, China's largest private real estate developer, rises. Hengda's debt exceeds 350 trillion won, and the day after tomorrow (23rd) is likely to be a turning point.



This is a report by Correspondent Songwook in Beijing.



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The apartment construction site of Hengda Group is empty without workers.



Investors worried about losing their money are protesting in front of their headquarters.



Hengda Group, China's largest private real estate developer, is facing severe financial difficulties due to the Chinese government's real estate loan regulations.



The total debt is a whopping 1.9 trillion yuan, or more than 350 trillion won in our money.



It is predicted that it will be difficult to pay interest on bonds of about 100 billion won the day after tomorrow.



If the Hengda Group eventually goes bankrupt due to default, it is expected that the financial sector as well as the construction companies holding the bonds will suffer a great shock.



[Dickie Wong/Kingston Securities: Investors like Ping An Insurance are investing heavily in some Chinese real estate developers with very high default risk.]



US Dow and Nasdaq fell around 2% on concerns about Hengda and China markets , and the Japanese stock market fell 2.17%, or 660 points, breaking the 30,000 line.



Shares of Hengda Group, listed on the Hong Kong Stock Exchange, continued their decline after a 10% drop yesterday.



As financial markets faltered, the price of Bitcoin was once down more than 10% from the day before.



Some even fear that if Hengda goes bankrupt, it will become a 'Chinese version of the Lehman crisis'.



As Hengda Group's debt is astronomical and it is difficult to estimate the impact of bankruptcy, the market is also paying attention to whether the Chinese authorities will intervene.



(Video coverage: Choi Duk-hyun, video editing: Lee Seung-jin)    

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