Why Evergrande's problems are only getting worse

For months, the unwinding of China Evergrande, the world's most indebted property developer, played out like a slow-moving train crash. After filing for bankruptcy protection in August — nearly two years after the company defaulted on payments to some creditors — Evergrande appeared on the path toward a more typical debt restructuring for creditors. But it now has more than $300 billion in debt, and any semblance of normalcy is gone. In a filing with the Hong Kong Stock Exchange, Evergrande announced Thursday that Hui Ka Yan, the company's chair and billionaire founder, was suspected by authorities of criminal wrongdoing….