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China Evergrande's troubles are wrecking Xi's economic story

Property giant's financial malaise poses two dilemmas for policymakers

| China
Banks in Hong Kong including HSBC Holdings, its unit Hang Seng Bank and Bank of East Asia have stopped approving some mortgages for properties being developed by embattled China Evergrande Group.   © Reuters

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

That deafening silence one hears in Asia's biggest economy is the music stopping for China Evergrande Group -- as founder Hui Ka Yan scrambles to find a chair.

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