As developer China Evergrande Group lurched from one crisis to another over the past two years, Beijing avoided directly intervening to rescue what was not too long ago considered one of the country's "too big to fail" enterprises, Reuters reported. With the world's most indebted developer now standing at the precipice after authorities launched a criminal investigation into its billionaire founder, some creditors, investors and analysts are now betting on authorities stepping in to manage the fallout.

Sunac China Holdings Ltd. won court approval for its multibillion-dollar offshore debt restructuring plan, clearing the last key hurdle for it to become the country’s first major developer to overhaul such liabilities, Bloomberg News reported. Hong Kong Judge Jonathan Harris’ sign-off Thursday sets Sunac apart from major industry peers including China Evergrande Group. still struggling to find a viable debt-restructuring road map as an unprecedented housing crisis unfolds.

Chilean President Gabriel Boric embarks on his first trip to China with an ambitious agenda that seeks deals to make the country’s economy more efficient and help it develop beyond its traditional commodities exporter role, Bloomberg News reported. “We want to move toward a new stage that includes investments in the country that help us improve productivity,” Chile International Economic Relations Undersecretary Claudia Sanhueza said in an interview ahead of Boric’s first trip to the Asian country next week.

Pressure is building on Beijing to intervene more forcefully to restore confidence in its reeling property market, the Wall Street Journal reported. In the latest sign of stress for the market, people with knowledge of Beijing’s decision-making said authorities are investigating whether Hui Ka Yan, the billionaire founder of heavily indebted property developer China Evergrande Group, attempted to transfer assets offshore while the company was struggling to complete unfinished projects.

Pressure is building on Beijing to intervene more forcefully to restore confidence in its reeling property market, the Wall Street Journal reported. In the latest sign of stress for the market, people with knowledge of Beijing’s decision-making said authorities are investigating whether Hui Ka Yan, the billionaire founder of heavily indebted property developer China Evergrande Group, attempted to transfer assets offshore while the company was struggling to complete unfinished projects.

Germany has welcomed a show of support from China for the G20 debt restructuring framework for poorer countries in a joint statement after their financial dialogue in Frankfurt over the weekend, Reuters reported. "We welcome the fact that the Chinese side is also committed to this in our Joint Statement, because solutions are inconceivable without China as such an important player in world politics," German Finance Minister Christian Lindner said on Sunday, after his meeting with Chinese Vice Premier He Lifeng.

Just a few weeks ago, China Evergrande, the world’s most debt-saddled real estate developer, was writing its next chapter and working to resolve financial disputes with its creditors. Then a stream of bad news came and the pages were torn up, the New York Times reported. Staff at the company’s wealth management arm have been detained by the authorities. Two former top executives are reportedly being held, and its billionaire chairman is under police surveillance.

China’s gigantic real estate bubble has popped, but despite the market’s prolonged downturn, prices still haven’t fallen much, the Wall Street Journal reported. In part, that is because of price controls which many Chinese cities imposed on housing over the past two years to keep values stable. Now China is starting to loosen the rules—with unpredictable consequences. Under the rules, which were applied in dozens of cities, local governments typically blocked developers of new homes from offering discounts of 10% to 15% or more on unsold properties.

Hui Ka Yan, the billionaire chairman of beleaguered property developer China Evergrande Group, has been placed under police control, Bloomberg News reported. Hui was taken away by Chinese police earlier this month and is being monitored at a designated location. It’s not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest and doesn’t mean Hui will be charged with a crime.

Guangdong Adway Construction has filed for bankruptcy in a Shenzhen court due to its inability to repay debts amid China’s stressed real-estate sector, the Wall Street Journal reported. The company filed the application with the Shenzhen Intermediate People’s Court, seeking restructuring to reduce its debt burden and improve operations, Adway said in a filing on Monday. Adway, which provides interior and exterior decoration and design services, is the latest company to fall victim to China’s weak property sector, which has weighed on the world’s second-largest economy.