Evergrande - China's Lehman Moment?

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The implosion of Lehman Brothers, 13 years ago this week, showed the world how the collapse of a single company can send shockwaves around the world. Echoes from that event are resounding today as a massive Chinese property developer teeters on the brink of default.

The collapse of Evergrande Real Estate Group - China's second-largest property developer with $310 billion of debt outstanding, could set off a chain reaction that spreads overseas.

Wall Street is keeping a close eye on the situation, which highlights the extraordinary amount of borrowing Chinese companies and families have taken on over the years.

For now, investors seem confident that authorities in Beijing would use their vast control over the Chinese economy to limit the damage. And there is no evidence, at least so far, of contagion in US markets.

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