An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued a demolition order on in Hainan Province, China, on Jan. 6, 2022. Aly Song/Reuters
A few months ago, when investors started to discuss the troubles of Evergrande, China’s largest real estate developer, many economists saw the problem as isolated and insignificant. The consensus message was that the real estate crisis was containable and that the Evergrande default would be a single case.
