Evergrande represents a crisis long foretold, the natural and inconvenient result of a decade of easy money and real estate speculation in China’s frothy domestic market.

Evergrande, one of China’s largest real estate developers, is a name that’s now synonymous with debt. The company is estimated to be carrying over $300 billion in total liabilities, including high-interest USD-denominated bonds that are set to mature over the next two years. And tightened financial conditions in the real estate market, in large part due to new regulations meant to curb speculation, have only made it harder for the company to rollover its preexisting debts.