Commentary Corporate bankruptcies in the United States work under very well-defined laws and procedures about who gets paid, in what order, and based upon contractual or implied understanding. In China, bankruptcies remain the largely wild rule of the jungle matters that can take years of behind-closed-door fighting to divvy up corporate carcasses. Evergrande and the entire real estate sector in China is becoming the case study for Chinese and Western investors. Evergrande and China’s entire real estate sector is highly indebted. Couple in falling consumer demand for second and third apartments—as well as high basic commodity input prices—and the housing market in China looks decidedly weak. Government revenue from land sales is off nearly 30 percent from a year ago, and the government has decided to delay the long-awaited much-heralded property tax. This is not a healthy, robust market. The more recent worries stem from the Guangdong government’s review of …