Evergrande, a Chinese Real Estate developer and the world’s most indebted real estate developer is encountering a fresh set of challenges. Evergrande spent over a decade borrowing hundreds of billions of dollars to build ghost cities in China. Unfortunately, those investments have not paid off. China’s tightening of monetary policy has made managing this debt incredibly unwieldy. With hundreds of billions in assets at stake, here’s what the Chinese Federal Reserve is debating.