Having read the article but not heard of Evergrande prior to this, what are the implications of this outside of China? The article mentions that the company filed for bankruptcy in the US, but not what US operations/developments they had.
The problem, however, is not the nominal amount but how the company network is inter-connected with other companies (either abroad or locally). This amount, albeit not colossal (by China relative size) could trigger effects in other companies that will lead to their failure. This will go on until it becomes a full international crisis.
Of course, it could mean that just some rich intercontinental people have lost money on some Chinese developer bond. The thing is, no one knows. Not the leaders of the CCP nor the US do have insights whether this can go somewhere to just stop here.
E.g. if there were a global registry of credit dependencies and ownership, at least for system relevant companies, we should know what is going to happen.
But what is the worst that could happen? If companies fold, ownership will be transferred. As long as the companies are profitable, their business will continue.
This could be a small impact or a big one.
If you are a person who was relying on those assets for income for your retirement this might mean you no longer have enough to live by. If you are a company you might in turn be forced to fold. If you're a stablecoin that bought evergrande bonds you might be forced to show you have no baking of your emissions..
China is very good at controlling the real numbers that come out. Something like Evergrande failing can't be hidden, and could be the tip of the iceberg of much bigger issues coming to light.
At the start of the Global Financial Crisis, the Chinese government stimulated the domestic housing market, which was the start of this bubble, but the demand for steel was enough to ensure that Australia suffered no economic downturn at all.
All that's about to come crashing down.
https://commons.wikimedia.org/wiki/File:Australia_Product_Ex...
The treatment of stakeholders have also been different inside and outside of China. The assumption based on the experience so far is that inevitably overseas investors, such as US based entities, will lose out more. Chinese firms have been raising money in overseas markets and has been exporting risk in this way, the issue is how China's government will handle this against the opaque corporate structure behind these financial instruments sold overseas.