[powerapple]

I wouldn't call a foreigner a China expert. I wouldn't be a China expert as Chinese, and I can read Chinese.

And, it is not abnormal at all that big company defaults on tens of billion debts. Without digging deep into the issue, I think the company is playing a too-big-to-fail game with the government, by bundling itself with many small investors, it will have more leverage with the government since the government is cracking down on big real estate companies. This is actually not the first time the company use this strategy. The interesting thing now is that is the government going to allow bankruptcy to happen or not.

EDIT: especially the foreigner lives in China spending time with his expats friends, no knowledge of the society, no knowledge of the business at all.. I just started reading Red Roulette, you will know, even you are Chinese, if you are not in the business circle, you don't know business..