Chinese officials warn of fallout from the possibility of Evergrande default

Chinese authorities are preparing for a potential financial crisis as the giant real estate conglomerate China Evergrande Group appears to be unable to successfully pay bonds to be paid on Thursday. According to The Wall Street Journal, the central government has instructed local authorities across the country to start "in preparation for a possible storm" if the company fails to reach an agreement with creditors. Evergrande currently has over $ 300 billion in debt and other debt. China's central government is concerned about public unrest because of both the size and nature of the Evergrande Group. The company has more…