Time is running out for China to sort out its real estate sector
It faces an intricate jumble of debt that goes far beyond Evergrande
There are two types of scary borrowers in China. The first kind has good-looking assets but it’s unclear how much debt they have hidden away. Think Evergrande. The second has a lot of debt but no assets to shore up their ability to repay, but they have the political connections some hope will help bail out the first kind.