Evergrande’s Billions in Debt Could Cause a Housing Market Crisis in China

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The Chinese economy may be facing its own housing market crisis. Evergrande, the number one housing developer in China, is facing billions in debt and a possible bankruptcy according to some analysts. David Rubenstein, Carlyle Group’s co-founder, claims China may intervene in the situation to avoid a collapse of the industry like what happened with Lehman Brothers in 2008 in the U.S. This could have global implications, due to real state making up one third of the Chinese economy, and many investors worldwide are in bed with Evergrande.