Debt-crippled Evergrande vows 'full steam ahead' to deliver homes

Ah, the Chinese economic miracle. Two large entities Evergrande and Kaisa wallowing in debt, add to that China Aoyuan Group Limited. The debt held by offshore institutional investors Blackrock, HSBC, UBS: all are major holders of Evergrande debt.  Fidelity, Pimco, and Allianz cut their holdings but, are still invested in Evergrande. 

In any default scenario, Evergrande, teetering between a messy meltdown, a managed collapse or the less likely prospect of a bailout by Beijing, will need to restructure the bonds, but analysts expect a low recovery ratio for investors. Investors, meanwhile, are increasingly worried about the contagion risk, mainly in the debt-laden Chinese property sector.

The bloated property sector is headed for a crash and burn, along with any other aspects of the economy that function on similar economic & financial structures. Boom. Crash.