Uh oh. China's property bond meltdown is spreading onshore, where the credit market is about 15x larger at $12 trillion. At least two local bonds halted trading today after significant declines.
Dollar junk bonds have dropped in 10 of the past 11 days. Yields are skyrocketing: pic.twitter.com/EqmuH3saer
— Sofia Horta e Costa (@SofiaHCBBG) November 4, 2021
#Kaisa Group had an urgent investor meeting at noon today after the Co. missed a payment on a domestic wealth management product and ~1000 investors gathered at its Shenzhen office.
At the meeting investors questioned if the Co. embezzled their money for offshore debt payment… pic.twitter.com/q8xSdOqpn7— ChinaPropertyFocus (@ChinaPropFocus) November 4, 2021