A Ponzi scheme by any other name: the bursting of China property bubble

Only state intervention can save the day, but the pain is likely to fall on ordinary citizens, say observers

A little more than a year ago, a Chinese property developer largely unknown to the outside world said its cashflow was under tremendous pressure" and might not be able to pay back some of its eye-watering debts of $300bn (275bn).

Today, that company, China Evergrande Group, is all-too well-known as the poster child of the country's economic woes. House prices in China have fallen in each of the 12 months since Evergrande's now prophetic warning, with Xi Jinping's government now preparing to throw billions of dollars at a property market experts say increasingly resembles a giant Ponzi scheme.