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Property Market Becomes Lead Weight for China's Economy

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China's Country Garden may be nearing default.

The Chinese economy grew at 4.9 percent, beating previous projections, according to China's National Bureau of Statistics . China's economy may have grown at a relatively better pace, but the troubles in the property sector continue to bear down on the economy.On Wednesday, the NBS announced that China's GDP growth stood 4.9 percent, which was above the earlier projection, which stood at 4.5 percent in a poll of economists conducted by Reuters.

Earlier, the CEO of Evergrande was arrested on unspecified 'illegal crimes.' On Friday, Evergrande revised the restructuring deal as the company prepared for the U.S. bankruptcy hearing scheduled for later in the month.But the real estate crisis isn't the only one. China's local governments' extremely high borrowing levels have a troubling message for the economy.

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