Evergrande Group, which is scrambling to turn assets into cash, rattled financial markets Friday when it warned it might run out of money. It said missing a payment on bonds or other debts might trigger an avalanche of demands to pay other debts immediately.

Global investors are watching nervously as one of China’s biggest real estate developers tries to avoid a default on its $310 billion mountain of debt, AP reports.

Evergrande Group, which is scrambling to turn assets into cash, rattled financial markets Friday when it warned it might run out of money. It said missing a payment on bonds or other debts might trigger an avalanche of demands to pay other debts immediately.

The ruling Communist Party can keep credit markets functioning but won’t bail out Evergrande, which the central bank accused of borrowing recklessly, economists say. They say that would be the wrong signal at a time when Beijing is trying to force companies to reduce dangerously high debt loads.

On Friday, Evergrande said it had received a demand to make good on a $260 million obligation and couldn’t guarantee it would be able to keep up with its debts.

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