Fears have grown that a massive real estate company called China Evergrande Group could default on its loans, a scenario that would send shock waves through global financial markets.

The business has $300 million of debt it cannot repay and a series of fast-approaching interest payments — and it’s been cut off by Beijing from doing any additional borrowing. A default would hammer China’s housing market and the buying power of its middle class. But because Evergrande has so many other business interests, the potential fallout extends to other industries and the broader economy.

The crisis presents a major test for Chinese President Xi Jinping and his efforts to compel companies to limit financial risk. If the government allows Evergrande to fail, China watchers say it would send a strong signal to other companies to get their fiscal houses in order.

Here’s what you need to know about Evergrande.