Hong Kong's Grand Ming Group is in serious financial trouble, admitting it still hasn't paid back a massive $611 million loan. The company's debt levels have skyrocketed past 200% of its equity, and it's violated key terms of its borrowing agreements. This isn't just about one struggling developer—it's part of a worrying pattern of smaller Hong Kong real estate firms buckling under debt pressures.

Editor’s Note: When property developers start defaulting on loans this big, it sends shockwaves through the economy. Hong Kong's real estate market has long been a pillar of stability, but cracks are showing—especially for smaller players. This could mean tighter lending, stalled projects, and even job losses if the dominoes start falling. Keep an eye on whether this stays contained or starts affecting bigger names.