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Evergrande and the end of China’s ‘build, build, build’ model –

The debt mountain of Evergrande underlines both the speed at which corporate fortunes can swing and the deep flaws in China’s growth template

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James Kynge in Hong Kong and Sun Yu in Beijing

A dramatic video filmed in the southwestern city of Kunming in August hints at the scale of China’s property bubble. Onlookers can be heard screaming in awe as 15 high-rise apartment blocks are demolished by 85,000 controlled explosions in less than a minute.

The unfinished buildings, which formed a complex called Sunshine City II, had stood empty since 2013 after one developer ran out of money and another found defects in…