Chinese property developer's financial woes spark economic fears

One of China's largest property developers is trying to avoid defaulting on billions of dollars of debt. Evergrande announced it would make a nearly $36 million interest payment Thursday, a small fraction of the $310 billion of outstanding debt it reported in June. Some experts fear if the company defaults it could cause economic shockwaves worldwide. Columbia University professor Shang-Jin Wei, a former chief economist for the Asian Development Bank, spoke with CBSN's Tanya Rivero about those concerns.

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