China's real estate crisis deepens as big Shanghai developer defaults

Correct link: https://edition.cnn.com/2022/07/04/economy/chinese-developer...

The Chinese economy is screwed imo, but trying to analogize this to Lehman, isn't correct imo.

It's not a free market. They will back stop who they want to back stop. There is no contagion risk. The risk is that they keep building garbage nobody wants and they will squander their opportunity at creating sustainable wealth