China needs its own Lehman moment

By SHULI REN

Property agony: The Country Garden headquarters in Foshan, China. Once the country’s biggest real estate developer with over 3,000 projects nationwide, it is slipping into a default. — Bloomberg

CHINA’S financial system seems on the brink of collapse.

Country Garden Holdings Co, once its biggest real estate developer with over 3,000 projects nationwide, is slipping into a default.

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