Evergrande goes bust. What next?

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ZeroHedge has a great summary of where we are at as Evergrande goes bust:

This is the way Evergrande ends: not with a bang but a whimper.

Three months after an initial shockwave of fear that China’s largest and most indebted property developer was set to default, roiled global markets only to see the company repeatedly kick the can on several occasions even as the final default was always just a matter of when not if (due to billions in interest payments and tens of billions in upcoming debt maturities), overnight ratings agency Fitch (with Moodys and S&P set to follow shortly) officially downgraded insolvent property developers China Evergrande Group and Kaisa Group, saying they had defaulted on offshore bonds.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.