Looming large is uncertainty throughout China's hyper-leveraged property market, which accounts for one-third of China's GDP. After recent defaults by Evergrande and Kaisa, Shimao Group is the latest Chinese developer to see its share price plunge. Shimao's sudden collapse is concerning given that until recently it enjoyed a strong credit rating and had not breached any of the CCP's "three red lines" — metrics introduced to restrict borrowing by China's overleveraged developers.