One of the Bond Markets Is Imploding in China
When investor demand for Chinese property debt was approaching its peak back in 2018, a banker could pull together the makings of a multi-million dollar deal during a Saturday boat trip around Hong Kong’s harbor and barely look up from her drink while doing it.
Now, the $203 billion market—which once yielded several deals a week and padded portfolios across the world from Pimco to UBS—is all but dead. And offshore investors are swallowing almost all of the losses.
Only one major private developer had ever skipped its debt payments. Until last year.
Rebecca Choong Wilkins and Lulu Yilun Chen Bloomberg 9 augusti 2022
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