“A bank run has begun in China at the Bank of Cangzhou on fears that the collapse of Evergrande made them insolvent.
Just a couple months ago, China’s largest property developer, Evergrande, filed Chapter 15 bankruptcy.
This week, Country Garden, another major Chinese developer, missed a debt payment.
All as China’s HY real estate index is down ~85% from its high.
Housing alone accounts for 25% of China’s entire GDP.”