What do you think will be the impact?Today in the media...

What do you think will be the impact?

Today in the media evergrande with half a trillion debt has been told by a judge to liquidate.
late night for me tonight to see the fallout on the US market or am I over reacting.

1 Unemployment in china has reached 25%
2 China has over capacity and failed industries which are scam industries that have milked the government
3 25% of china GDP is development.
4 There is a global move away from China as production hub.

I think the fallout of 500 billion evergand debt and liquidation will take around 2 to 3 trillion out of the economy in the first year. This will consist of flow on from bad debt and also due to less development.