China’s economy is experiencing the sharpest downturn in nearly 40 years. Many home buyers can no longer afford their mortgages, and more and more people are defaulting on their monthly payments. This trend is growing. But, we have noted that the “Lehman moment” hasn’t happened in China. Why is that? In 2008, a wave of defaulted mortgages in the United States triggered a financial tsunami. Yet, in China, we haven’t seen any large-scale bank failure. It seems to be a good thing on the surface. But if one loo
