There's another real-estate crisis brewing in China — and it could even be worse than Evergrande's 2021 woes

• Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week.
• "Any default would impact China's housing market more than Evergrande's collapse," said Bloomberg's Kristy Hung.
• Beijing has been cracking down on excessive debt and speculation in the property market since 2020.

Two years after Evergrande's default triggered mayhem in the global markets, China's ailing property sector is teetering on the brink of another crisis.