No Surprise: Foreign Bondholders Lose First in China

Bloomberg: One of the Decade's Hottest 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.

I remember writing something about this specifically...oh yeah: China Will Nuke Foreign Investors From Orbit