This is CBS Eye on the World with John Batchler. Here's John Batchler.

CNN, Evergrande's bankruptcy may be just the beginning of China's real estate crisis.

My colleague and co-host and friend Gordon Chang at Gordon G. Chang has returned from the Southern Hemisphere

from Australia to comment on Evergrande.

The old Evergrande is joined by a new and unusual name of property bubbles.

Gordon, a very good day to you.

You remind me there's something called Country Garden which begins to resemble Evergrande

but you tell me it's bigger. What is Country Garden?

Country Garden is another property developer in China.

Last year it was China's biggest property developer by sales.

And if you last week it missed the payments on two bonds.

Both US dollars denominated. It has until September sometime to cure.

If it doesn't, it goes into default.

We welcome our colleague and Stevenson Yang, author of the upcoming new edition of China Lone Return to Isolation.

And Country Garden now added to the list of properties in doubt.

Is this a cascade, a domino effect or many metaphors?

Are we going to see more and more or Evergrande and Country Garden at the end of the story? Good evening to you.

Hi there, John. So yeah, I think we already have.

The interesting thing is that we saw defaults in the finance sector last week,

not of the big banks but of financial institutions.

And I think that that's likely to increase because these companies have tentacles across the economy.

What's driving it in? Is it a recession? Is it COVID-19? Is it the tightening policies in Beijing?

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