Another Chinese RE developer is on the rocks, and based on past history with Evergrande it should take about 1-2 years for them to go belly up and need a bailout from the CCP.  Given China's more depleted economic condition now, it will be interesting to see how well they can withstand another big domino falling in their increasingly unstable game of smoke and mirrors the MSM refers to as an economy.  As with the game of musical debt being played here, the smartest guys in the room can only keep the music going for so long before the ballroom dancers realize there are only a couple of chairs in a room full of banksters doing the tango.  At some point there's going to be a mad scramble for those last 2 chairs when the whole ballroom collapses into the basement.  The carnage will be magnficent.

https://www.scmp.com/business/article/3254997/china-vanke-debt-downgraded-junk-status-moodys-liquidity-concerns-mount-amid-tumbling-property-sales

China Vanke debt downgraded to 'junk' status by Moody's as liquidity concerns mount amid tumbling property sales

RE