Reuters/ Rick Wilking
- China's property debt is a worse version of the US' 2008 financial crash, Kyle Bass told CNBC.
- The country's real estate sector was too debt-reliant, and now every public developer is in default.
- Just two companies hold a debt of $500 billion. In total, the US banking system lost $800 billion in 2008.
China's overreliance on real estate has sent its economy tumbling toward 2008-era financial conditions, Kyle Bass told CNBC on Tuesday.
"This is just like the US financial crisis on steroids," the Hayman Capital founder said. "They have three and a half times more banking leverage than we did going into the crisis. And they've only been at this banking thing for a couple of decades."