As China’s largest property developer, Evergrande has never been short on figures to stir awe — and alarm.

The company’s land reserves, built during a breakneck expansion as China urbanised, are vast enough to house roughly 10m people. But it is the $123bn in debt Evergrande amassed along the way that has led to wild trading in its shares and bonds over the past week.

The convulsions were triggered after a letter began circulating online last Thursday that purportedly showed Evergrande asking the government in Guangdong, where it is based, for help in averting a potential cash crunch. A furious denial from the company, alleging the letter was fabricated, and a series of announcements in the past few days have gone some way to quelling fears about the highly-leveraged developer.