With a debt of more than $300 billion, Evergrande is on the verge of bankruptcy. Santiago Carbó, professor of Economics at the University of Valencia, warns that “it would be a very serious step towards a real estate crisis in China that in other countries would probably be devastating.

The company’s president and founder, Hui Ka-yan, is under house arrest and the company has suspended its stock market listings. Despite its enormous size, experts rule out that, for the moment, the Evergrande crisis has a Domino effect and spread to other countries.

Javier Díaz-Giménez, professor of Economics at IESE, states that “its shock wave is much smaller than that of a bank like Lehman Brothers (…) This is a Chinese problem, the main affected will be China plus some international creditors and shareholders,” he says.

However, the real estate situation is so complicated that it prefers to demolish skyscrapers, as can be seen in the video above, rather than assume the costs of finishing them. Brick represents almost a third of Chinese GDP and the fall of Evergrande is the best crisis exponent that the sector lives.