Calling it an "Evergrande Black Monday" may not emphasize enough the dramatic situation that China's second-largest property developer is going through. The Evergrande Group's shares plummeted 10.24% on the Hong Kong Stock Exchange, registering an 11 year low (down 85% since the start of the year). Evergrande is trying to show its teeth by demonstrating that it is still able to raise funds — however, its $305b of liabilities do not help the prospects of finding new investors, and the "default" scarecrow is starting to get thrown around. 

The company could face a severe restructuring of its business model if no fresh cash is seen. Moreover, to ease liquidity concerns and avoid witnessing the stock fall below $1, Evergrande may need to sell its stake in external businesses such as movie streaming company Hengten Net. On that note, even Hengten Net plummeted 11.2% due to Evergrande's financial situation.