our asia business reporter nick marsh is following the story from singapore. this is such a headache, tell us what is going on now. it is a new year _ us what is going on now. it is a new year and _ us what is going on now. it is a new year and there - us what is going on now. it is a new year and there is - us what is going on now. it 3 a new year and there is new problems for the chinese property sector. so many firms facing so many issues, evergrande, like you mentioned, another one, shimao are facing all kinds of problems. they were known as one of the healthier chinese operative firms until very recently, they had what is known as an investment grade rating, but they have just been drastically downgraded by international credit rating agencies after they defaulted on a $100 million trust loan repayment. so they put all the properties up so they put all the properties up for sale as they scramble to raise a bit of cash, and it seems that no firm is safe in this crisis. then of course you have ever granted, the saga continues, yesterday like you mentioned —— evergrande. they had to leave their headquarters buildings in shenzen, find a cheaper office in another part of town because ironically, they couldn't afford the rent.