For them that might loose everything (I have friends that lost all on Enron) it would be a Black Swan event, as nobody invests with the intent of loosing.
Here is hedge fund manager James Chanos taking the same tack on April 8:
China is on a treadmill to hell, said Chanos, who said in January the nation is Dubai times a thousand. They cant afford to get off this heroin of property development. It is the only thing keeping the economic growth numbers growing.
