Why is Chinese Evergrande close to collapse?

Debt and crisis are the two key word while understanding why Evergrande Group, once China’s second-largest real estate developer, is approaching a collapse that could be catastrophic.
Debts are mainly due to deposits from about 1.5 million people against new houses that have not been built yet, this is why Evergrande Group has been under tremendous pressure and may not be able to meet its debt obligations.
Angry protesters have besieged the firm’s headquarters, in Shenzhen, demanding clear statements about its future.
Investors grew ever more nervous that if Evergrande Group is destined to collapse, this could have a fearful domino effect impacting other real estate developers, eventually might create systemic risks for the banking system all over China.