Some of them profited handsomely from an eventful restructuring at Kaisa Group, the first Chinese property developer to default on its offshore bonds. Others talk nostalgically about the good old days when they could buy a portfolio of soured bank loans on the cheap.
But maybe for distressed debt investors the best is yet to come as many get ready to partake in the next “big short” in China now that years of credit-led stimulus are coming to an end.
The first big sign that something stinky might be around the corner in China is the jump in borrowing costs. Although Chinese corporate bond yields have recently...
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