China's property market woes are going from bad to worse.

A Bloomberg Intelligence gauge of Chinese developer shares fell 1.2% today, a day after dropping the most this year as the crisis at real estate giant China Evergrande Group entered a new phase.

The developer scrapped key creditor meetings and said it must rethink its debt overhaul plan, raising the risk of a liquidation of the nation’s most indebted builder.

So how can this crisis be mitigated? And what is the impact on regional as well as global markets?

On Money in the Market, Hongbin Jeong speaks to Elke Speidel-Walz, Chief Economist Emerging Markets, DWS, to find out more.