PE, yes Evergrande.
I was out for a walk today, very cold, full Winter coat time.
I was chatting about this with my friend.
He said the problem in China is the loaned money, when Evergrande goes down, it will take the banks with it.
Evergrande cannot ever pay off the loans, all they can hope to do is pay off some of the installments but if a bank insists Evergrande pays what it owes, Evergrande, will totally collapse, taking the banks with it.
There is a perfect storm coming for China.
That storm has been stoked by the Chinese Regime. The stoking is loaning money to pay for ever more schemes, such as new airports, such as Belt and Road, such as Three Gorges Dam, such as North South Canal.
The piper needs paying but there is no real money left.