On Monday (Sept. 20), after days of seeming relaxed about property developer Evergrande, Hong Kong and US markets woke up to the idea there might be global ramifications to China's $300 billion debt time bomb. The developer is all but assured of defaulting on interest payments on bonds due Thursday, and China has been thus far silent about bailout plans. Hong Kong's Hang Seng property index closed down 6.69% on Monday (Sept. 20) while the Dow Jones Industrial Average fell more than 600 points or about 1.8%. The S&P 500 closed down 1.5%. It's true that those banks and investors holding the developer's roughly $19 billion of dollar-denominated bonds do stand to face substantial losses. But overall, as many analysts have pointed out, Evergrande's debts are largely domestic, which means that the impact outside China, beyond those directly holding the bonds, is necessarily limited. "One of the best ways to think about China is that it's a country, but it operates like one large company.