Excerpt: "Evergrande, in short, owes money to almost everyone. And despite engaging in a fire sale of a range of its assets, Evergrande appears to have dim prospects of paying it back in a timely manner."

"Investors who are expecting a rapid series of implosions like the global financial crisis are likely to be disappointed. For one thing, China's regulators are diligent students of how that crisis unfolded and have maintained robust capital controls and a captive state-owned-banking system to reduce the risk of institutional panic. China Evergrande will probably engage in a process of orderly default negotiated among its domestic creditors under the watchful eye of the government."

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