Lenders to Byju’s Alpha filed an insolvency petition after the Indian education startup missed payment on a $1.2 billion loan, Bloomberg News reported. The move, announced by creditors in an emailed statement on Thursday, is the latest step in the fight between the startup founded by Byju Raveendran, once valued at $22 billion, and its creditors. Lenders have already taken control of its units in Singapore, while the company is challenging their moves in the US.

China Evergrande said on Thursday one of its units had entered a deal to sell its entire stake in Shantou Hengmeng Property Development for 137.6 million yuan ($19.20 million), Reuters reported. Hengda Real Estate Group Yuedong, a unit of the property giant, holds a 65% stake in Shantou Hengmeng, with the rest being held by Redleaf Trading, its Australia-based joint venture partner. Evergrande expects to gain about 304 million yuan from the sale, which will be used to pay off its debt worth 376 million yuan, owed to Shantou Hengyao Property Development.

Chinese leaders have signaled deepening concerns about the economy by unleashing a burst of measures aimed at reviving growth and steadying markets, the Wall Street Journal reported. The response—triggered most recently by a stock-market selloff—shows new urgency and marks a shift from only a week ago, when Chinese authorities sought to project confidence in the economy.

State builder PT Wijaya Karya clinched an agreement with some of Indonesia’s biggest banks to restructure 20.58 trillion rupiah ($1.31 billion) of debt, after the government’s infrastructure push saddled it with an unmanageable pile of liabilities, Bloomberg News reported. The state-owned construction company said it signed the deal with 11 institutions, including PT Bank Mandiri, PT Bank Negara Indonesia, PT Bank Rakyat Indonesia, PT Bank Tabungan Negara, PT Bank Syariah Indonesia and PT Bank Panin.

Turkey’s central bank raised its key interest rate by another 2.5 percentage points on Thursday, pressing ahead with a series of hikes aimed at combating inflation that reached nearly 65% in December, the Associated Press reported. The bank brought its benchmark rate to 45%. It's the eighth interest rate hike since President Recep Tayyip Erdogan has abandoned his unconventional economic policies that economists say helped trigger a currency crisis and drove up the cost of living. Many households were left struggling to afford basic goods.

A key offshore bondholder group of China Evergrande plans to join a petition to liquidate the developer at a hearing in a Hong Kong court on Monday, Reuters reported. The bondholder group owns more than $2 billion in offshore notes guaranteed by Evergrande and its support to a winding-up petition against the world's most indebted developer could increase the chances of an immediate liquidation order from the court, lawyers in the industry said.

China’s real-estate crisis has dragged down the economy, caused massive layoffs and pushed multibillion-dollar companies to the point of collapse. Economists think it is about to get worse, according to a Wall Street Journal analysis. Sales of newly built homes in China fell 6% last year, returning to a level not seen since 2016, according to China’s statistics bureau. Secondhand home prices in its four wealthiest cities—Beijing, Shanghai, Guangzhou and Shenzhen—declined by between 11% and 14% in December from the year before, according to the broker Centaline Property.

China said it will cut the reserve requirement ratio for banks within two weeks and hinted at more support measures to come, an unusually early disclosure that shows mounting urgency across President Xi Jinping’s government to shore up the economy and halt a $6 trillion stock-market rout, Bloomberg News reported. The RRR — which determines the amount of cash banks have to keep in reserve — will be lowered by 0.5 percentage points on Feb.

Malaysia is considering initiating legal proceedings against banks related to the troubled 1MDB state fund, as the government works to recoup assets lost from the multibillion-dollar scandal, Bloomberg News reported. “A number of foreign banks” facilitated fund transfers linked to 1MDB without conducting proper processes “at that material time,” Johari Abdul Ghani, who leads a taskforce to recover 1MDB assets, said in a statement. He did not identify the banks.

China's plunging stock market is leading to losses on billions of dollars worth of derivatives linked to the country's equity indexes, forcing a vicious cycle of selling in stocks and futures contracts as market participants manage their risks, Reuters reported. Stock markets in Hong Kong, opens new tab and in mainland China plunged on Monday, extending a long spell of weakness driven by an exit of foreign investors alarmed by China's wobbly economy and a lack of stimulus measures.