This could be the big one.
The Chinese economy is opaque and it is hard to tell exactly how serious this will be.
However, this could well be the housing bubble in China finally popping.
China's property price to income ratio is one of, if not the, highest in the world - more than double that of the UK.
State intervention has kept the housing market afloat by kicking the can down the road as long as possible. This is because so much wealth is tied up in property in China, and also because construction is still the main fuel of economic growth, and provides business for the steel sector and others which suffer from serious overcapacity.
Correspondingly there has been a sell-off of metal stocks as a result of Evergrande's troubles:
Contagion to other property developers also appears to have begun:
Protests by people demanding money back from Evergrande have broken out outside Evergrande offices, with some of Evergrande's management taken hostage:
There seems to be a lot of complacency from Wall Street etc who seem confident that the Chinese government will come to the rescue.
I'm not so sure though. They have yet to announce anything about a bail out. Chinese corporate and public debt have mushroomed over the last 10 years and it may be difficult to shift liabilities worth 2% of China's GDP onto already burdened SOEs, and doing so will just delay the inevitable correction for longer.
More tellingly, recent actions from the CCP suggest they are tightening social and ideological controls and preparing for hard times.
So this could turn out to be a very big deal.
Evergrande: Why should I care if China property giant collapses?
The crisis at the heavily-indebted property giant deepened as a Hong Kong court ordered it to be wound up.
www.bbc.com
China: What is Evergrande and is it too big to fail?
Global stock markets have been on high alert as crisis-hit Chinese giant Evergrande faces a key test this week.
The world's most indebted real estate developer is due to make interest payments of $84m (£61m) on its bonds this Thursday.
Earlier in the week, the company started to repay investors in its wealth management business with property as it struggled to find cash to meet its liabilities.
Why is Evergrande in trouble?
Evergrande expanded aggressively to become one of China's biggest companies by borrowing more than $300bn (£217bn).
Last year, Beijing brought in new rules to control the amount owed by big real estate developers.
The new measures led Evergrande to offer its properties at major discounts to ensure money was coming in to keep the business afloat.
Now, it is struggling to meet the interest payments on its debts.
This uncertainty has seen Evergrande's share price tumble by around 85% this year. Its bonds have also been downgraded by global credit ratings agencies.
Why would it matter if Evergrande collapses?
There are several reasons why Evergrande's problems are serious.
Firstly, many people bought property from Evergrande even before building work began. They have paid deposits and could potentially lose that money if it goes bust.
There are also the companies that do business with Evergrande. Firms including construction and design firms and materials suppliers are at risk of incurring major losses, which could force them into bankruptcy.
The third is the potential impact on China's financial system.
"The financial fallout would be far reaching. Evergrande reportedly owes money to around 171 domestic banks and 121 other financial firms," the Economist Intelligence Unit's (EIU) Mattie Bekink told the BBC.
If Evergrande defaults, banks and other lenders may be forced to lend less.
This could lead to what is known as a credit crunch, when companies struggle to borrow money at affordable rates.
A credit crunch would be very bad news for the world's second largest economy, because companies that can't borrow find it difficult to grow, and in some cases are unable to continue operating.
This may also unnerve foreign investors, who could see China as a less attractive place to put their money.
Is Evergrande 'too big to fail'?
The very serious potential fallout of such a heavily-indebted company collapsing has led some analysts to suggest that Beijing may step in to rescue it.
The EIU's Mattie Bekink thinks so: "Rather than risk disrupting supply chains and enraging homeowners, we think the government will probably find a way to ensure Evergrande's core business survives."
Others though are not sure.
In a post on China's chat app and social media platform WeChat, the influential editor-in-chief of state-backed Global Times newspaper Hu Xijin said Evergrande should not rely on a government bailout and instead needs to save itself.
This also chimes with Beijing's aim to rein in corporate debt, which means that such a high profile bailout could be seen as setting a bad example.
What does Evergrande do?
Businessman Hui Ka Yan founded Evergrande, formerly known as the Hengda Group, in 1996 in Guangzhou, southern China.
Evergrande Real Estate currently owns more than 1,300 projects in more than 280 cities across China.
The broader Evergrande Group now encompasses far more than just real estate development.
Its businesses range from wealth management, making electric cars and food and drink manufacturing. It even owns one of country's biggest football teams - Guangzhou FC.
Mr Hui has a personal fortune of around $10.6bn, according to Forbes.
The Chinese economy is opaque and it is hard to tell exactly how serious this will be.
However, this could well be the housing bubble in China finally popping.
China's property price to income ratio is one of, if not the, highest in the world - more than double that of the UK.
Chart of the Week: China’s house-price-to-income ratio exceeds 17 | Lipper Alpha Insight | LSEG
Over the years, Fathom Consulting has created a wealth of proprietary indicators, a handful of which were released on Refinitiv’s Chartbook last year. As part of a major expansion of
lipperalpha.refinitiv.com
State intervention has kept the housing market afloat by kicking the can down the road as long as possible. This is because so much wealth is tied up in property in China, and also because construction is still the main fuel of economic growth, and provides business for the steel sector and others which suffer from serious overcapacity.
Correspondingly there has been a sell-off of metal stocks as a result of Evergrande's troubles:
Evergrande crisis: Metal index down 6.8% amid fears of lower China demand
Analysts, however, see the fall in iron ore prices a lead indicator and expect steel prices to decline soon
www.business-standard.com
Contagion to other property developers also appears to have begun:
Evergrande effect! Chinese property developer Sinic shares tank 87% today, trading halted
Shares of Sinic holdings fell 87 per cent to hit a low of 0.50 Hong Kong cents. Sinic Holdings is an investment holding company, which along with its subsidiaries, is principally engaged in property development and property leasing, according to Reuters.
m.economictimes.com
Protests by people demanding money back from Evergrande have broken out outside Evergrande offices, with some of Evergrande's management taken hostage:
Evergrande employees in China held hostage as worried investors demand payments
Retail investors in China are taking drastic measures to get money back from embattled property developer. Read more at straitstimes.com.
www.straitstimes.com
There seems to be a lot of complacency from Wall Street etc who seem confident that the Chinese government will come to the rescue.
I'm not so sure though. They have yet to announce anything about a bail out. Chinese corporate and public debt have mushroomed over the last 10 years and it may be difficult to shift liabilities worth 2% of China's GDP onto already burdened SOEs, and doing so will just delay the inevitable correction for longer.
More tellingly, recent actions from the CCP suggest they are tightening social and ideological controls and preparing for hard times.
So this could turn out to be a very big deal.