Why do the Chinese say this Wall Street firm may start the next financial crisis?

Blackstone is a leading Wall Street private equity firm and the world's largest corporate landlord. Blackstone has been in China since 2008 and has made many VIP friends in Beijing. Its founder, Stephen Schwarzman, donated large sums to a Chinese college and is called Wall Street's unofficial ambassador to China. But the Chinese say Blackstone may trigger the next financial crisis because the company's star real estate business shows signs of distress. Has Mr. Schwarzman underestimated the risks of doing business with the Chinese? Does the CCP politics have anything to do with it?

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