Difference between Lehman brothers and Evergrande is that Evergrande is backed by real assets. Unfortunately for them, they will just need to sell for a huge discount to their competitors. That's as far as I would go though on a prediction, as it's tough to know what China would do. I imagine they wouldn't just let their real estate market crumble and snowball into the banking sector without intervening or pumping another stimulus.
Difference between Lehman brothers and Evergrande is that...
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