Like software Q&A's the answer might be "it depends". Imagine there are EU/US banks that have loaned money to Evergrande or any related domino that may fall.

Like software Q&A's the answer might be "it depends". Imagine there are EU/US banks that have loaned money to Evergrande or any related domino that may fall. I imagine a loan from a bank is listed as an asset for the bank because they are charging interest monthly and it produces income for the bank. Now they don't have that income because the company isn't paying. It now moves to the liability part of the balance sheet. One of the elements of the 2008 crisis was mortgage backed securities, bundling of mortgages sold as a security. What if these banks have done the same thing with Commercial mortgages/bonds? How many derivatives are based on these loans/bonds Evergrande isn't paying on? Zero, then likely no "contagion". Many? maybe they are isolated to China? I think its likely an onion that is peeling back its layers and we don't know the full impact until its done.