BEIJING — The People’s Bank of China said Friday that indebted developer China Evergrandeis its case. And that the majority of real estate businesses in this country are stable.

Evergrande, a property giant with $300 billion of liabilities, has yet to pay investors in U.S. dollars-denominated bonds on October 11. Concerns are raised about Evergrande’s second-placed ranking in China in terms of sales. “Lehman Moment“

This story is breaking. Keep checking back for more updates.