When news first broke about the Evergrande debt crisis, it was being compared to the Lehman Brothers collapse. But it’s not quite as bad, “manageable” even, according to billionaire investor and Bridgewater founder Ray Dalio during a CNBC interview Tuesday.

But things still don’t look great for Evergrande, the China-based real estate developer whose $305 billion in liabilities make it the most indebted company in the world. As stock markets took a tumble on Monday, the cryptocurrency market followed.

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The People’s Bank of China injected $18.6 billion, in the form of reverse purchase agreements, to ease the impact of the Evergrande crisis. Mitul Kotecha, chief emerging-market Asia and Europe strategist at TD Ameritrade, called it a sign that the bank wants to “keep stable liquidity.”

But so far, there’s been on sign of a bailout for Evergrande itself.

In a market update to investors, Singapore-based QCP Capital said it does expect to see some government intervention to help keep Evergrande afloat. But that’s not guaranteed, they wrote, alluding to President Xi Jinping’s previous statements about focusing on antitrust during 2021.

That’s been considered a shot across the bow for tech giants like Alibaba (BABA), which was hit with a $2.8 billion fine for allegedly abusing its market dominance, and Tencent (TCEHY), which was fined for failing to disclose past deals to antitrust regulators.

“The fear here is that President Xi could allow Evergrande to fail as an example to the other real estate players ahead of the 100th anniversary of Chinese Communist Party (CCP) in 2022,” the firm wrote. “He has already taken draconian steps with Big Tech and Education.”

When news first broke about the Evergrande debt crisis, it was being compared to the Lehman Brothers collapse. But it’s not quite as bad, “manageable” even, according to billionaire investor and Bridgewater founder Ray Dalio during a CNBC interview Tuesday.

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