This is funny to watch:
Country Garden cut the selling price at one of its residential developments by 1/3. Those who paid full price smashed the sales office. Similar incidents had happened before, and will again. It’s impossible to remove “the guarantee of principal”（刚性兑付）in China. pic.twitter.com/UxHFODYxmc— Hao Hong 洪灝, CFA (@polarmcbear) October 6, 2018
They are in the "Bear Stearns Phase" which is still early in the process... they have to stop adding reserves or it could get a lot uglier...
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