One of China’s biggest debt restructurings is looming, with the Communist Party now in charge, after China Evergrande Group was officially declared in default. As state intervention has eased fears of a disorderly collapse that would rock the global economy, investors who hold bonds from the world’s most indebted property developer are wondering how much of their money they will see once the dust settled. Meanwhile, Evergrande is under pressure to deliver thousands of pre-sold housing projects – and pay its workers – to avoid sparking social unrest.