Stock markets plummeted worldwide as Chinese property giant Evergrande tethered on the brink of a collapse. The company owns more than 1,300 projects in over 280 cities across China. Founded in Guangzhou in 1996, Evergrande's debt piled up to $300 billion. The company it can't pay bank loans, supplier credit and short term borrowings due from this week. Experts said its expansionary moves and shift from its core business into electric vehicles, sports, theme parks, food and beverage, bottled water, groceries, dairy products resulted in Evergrande's imminent collapse. The company also sold apartments at a faster rate with low margins with the hope to raise cash.